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problem: Joan Paul is the bookkeeper for Gazelle Company. Joan has been trying to get the balance sheet of Gazelle firm to balance. It finally balanced, but now he is not sure it is correct.

Gazelle Company
Balance Sheet
December 31, 2007

Assets

Liabilities and Stockholders' Equity

Cash

$18,500

Accounts payable

$16,000

Supplies

9,500

Accounts receivable

(12,000)

Equipment

40,000

Common stock

40,000

Dividends

10,000

Retained earnings

34,000

Total assets

$78,000

Total liabilities and stockholders' equity

$78,000

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922676

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