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2. Prepare an income statement and balance sheet as of December 31, 2021, for the ACME Mfg. Co Cash Building Inventory Account receivable Machinery & equipment Accumulated depreciation Prepaid expenses Operating expenses Interest expense Cost of goods sold Sales Common stock Notes payable Long-term Notes Account payable Retained earnings prior year Retained earnings current year $10,220 185,200 14,850 36,620 66,750 17,800 8,000 $3,400 2,400 31,200 110,420 200,000 20,500 40,000 19,920 0 Note: The Company paid out $0 in dividends for this period

2. Prepare an income statement and balance sheet as of December 31, 2021, for the ACME Mfg. Co Cash Building Inventory Account receivable Machinery & equipment Accumulated depreciation Prepaid expenses Operating expenses Interest expense Cost of goods sold Sales Common stock Notes payable Long-term Notes Account payable Retained earnings prior year Retained earnings current year $10,220 185,200 14,850 36,620 66,750 17,800 8,000 $3,400 2,400 31,200 110,420 200,000 20,500 40,000 19,920 0 Note: The Company paid out $0 in dividends for this period

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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2. Prepare an income statement and balance sheet as of December 31, 2021, for the ACME Mfg. Co Cash Building Inventory Account receivable Machinery & equipment Accumulated depreciation Prepaid expenses Operating expenses Interest expense Cost of goods sold Sales Common stock Notes payable Long-term Notes Account payable Retained earnings prior year Retained earnings current year $10,220 185,200 14,850 36,620 66,750 17,800 8,000 $3,400 2,400 31,200 110,420 200,000 20,500 40,000 19,920 0 Note: The Company paid out $0 in dividends for this period
Transcribed Image Text:2. Prepare an income statement and balance sheet as of December 31, 2021, for the ACME Mfg. Co Cash Building Inventory Account receivable Machinery & equipment Accumulated depreciation Prepaid expenses Operating expenses Interest expense Cost of goods sold Sales Common stock Notes payable Long-term Notes Account payable Retained earnings prior year Retained earnings current year $10,220 185,200 14,850 36,620 66,750 17,800 8,000 $3,400 2,400 31,200 110,420 200,000 20,500 40,000 19,920 0 Note: The Company paid out $0 in dividends for this period
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