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Accumulated Depreciation as of Dec 31st Cash as of Dec 31st Accounts Receivable as of Dec 31st Short-term Notes Payable as of Dec 31st Long-term Debt as of Dec 31st Total Gross Fixed Assets as of Dec 31st Accounts Payable as of Dec 31st Inventory as of Dec 31st Accumulated Retained Earnings 2020 2,500 300 250 450 1,800 8,000 500 600 2021 3,000 800 310 317 2,000 8,000 300 640 You should find it, given that this is the only account under Equity!

Accumulated Depreciation as of Dec 31st Cash as of Dec 31st Accounts Receivable as of Dec 31st Short-term Notes Payable as of Dec 31st Long-term Debt as of Dec 31st Total Gross Fixed Assets as of Dec 31st Accounts Payable as of Dec 31st Inventory as of Dec 31st Accumulated Retained Earnings 2020 2,500 300 250 450 1,800 8,000 500 600 2021 3,000 800 310 317 2,000 8,000 300 640 You should find it, given that this is the only account under Equity!

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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Use the following information for Company COLTIB to create the Balance
Sheet for 2020 and 2021


Accumulated Depreciation as of Dec 31st Cash as of Dec 31st Accounts Receivable as of Dec 31st Short-term Notes Payable as of Dec 31st Long-term Debt as of Dec 31st Total Gross Fixed Assets as of Dec 31st Accounts Payable as of Dec 31st Inventory as of Dec 31st Accumulated Retained Earnings 2020 2,500 300 250 450 1,800 8,000 500 600 2021 3,000 800 310 317 2,000 8,000 300 640 You should find it, given that this is the only account under Equity!
Transcribed Image Text:Accumulated Depreciation as of Dec 31st Cash as of Dec 31st Accounts Receivable as of Dec 31st Short-term Notes Payable as of Dec 31st Long-term Debt as of Dec 31st Total Gross Fixed Assets as of Dec 31st Accounts Payable as of Dec 31st Inventory as of Dec 31st Accumulated Retained Earnings 2020 2,500 300 250 450 1,800 8,000 500 600 2021 3,000 800 310 317 2,000 8,000 300 640 You should find it, given that this is the only account under Equity!
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