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Balance Sheet D'Lite Dry Cleaners Score: 2/92 Balance Sheet July 31, 20Y4 Assets 3 2. 6,

Balance Sheet D'Lite Dry Cleaners Score: 2/92 Balance Sheet July 31, 20Y4 Assets 3 2. 6,

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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Balance Sheet Shaded cells have feedback. D'Lite Dry Cleaners Score: 2/92 Balance Sheet July 31, 20Y4 1 Assets 2 3 4 5 7 Liabilities 8 9. Stockholders' Equity 10 11 12 13
Transcribed Image Text:Balance Sheet Shaded cells have feedback. D'Lite Dry Cleaners Score: 2/92 Balance Sheet July 31, 20Y4 1 Assets 2 3 4 5 7 Liabilities 8 9. Stockholders' Equity 10 11 12 13
Instructions The assets and liabilities of Global Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows: Accounts payable $108,000 Miscellaneous expense $19,500 Accounts receivable 539,000 Rent expense 56,000 Cash 200,000 Supplies 6,000 Common stock 575,000 Supplies expense 12,700 Fees earned 940,000 Utilities expense 34,800 Land 1,500,000 Wages expense 415,000 Common stock was $525,000 and retained earnings was $1,250,000 as of January 1, 20Y5. During the year, additional common stock of $50,000 was issued for cash, and dividends of $90,000 were paid.
Transcribed Image Text:Instructions The assets and liabilities of Global Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows: Accounts payable $108,000 Miscellaneous expense $19,500 Accounts receivable 539,000 Rent expense 56,000 Cash 200,000 Supplies 6,000 Common stock 575,000 Supplies expense 12,700 Fees earned 940,000 Utilities expense 34,800 Land 1,500,000 Wages expense 415,000 Common stock was $525,000 and retained earnings was $1,250,000 as of January 1, 20Y5. During the year, additional common stock of $50,000 was issued for cash, and dividends of $90,000 were paid.
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