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Business
Accounting
Cash $ 87,000 Rent expense  $ 10,000 Depreciation expense  $ 5,000 Accounts payable  $ 22,000 office supplies  $ 1,000 dividends  $ 9,000 land  $ 210,000 revenues  $ 340,000 equipment  $ 230,000  salaries expense  $ 140,000  accounts receivable  $ 90,000  office supplies expense  $ 8,000 Common stock($1 par)  $ 400,000 prepaid rent  $ 60,000  unearned revenue  $ 18,000 salaries payable  $ 3,000 accumulated depreciation- equipment  $ 40,000 retained earnings (1/1/2011)  $27,000    prepare Income statement and blance sheet for december 31, 2011

Cash $ 87,000 Rent expense  $ 10,000 Depreciation expense  $ 5,000 Accounts payable  $ 22,000 office supplies  $ 1,000 dividends  $ 9,000 land  $ 210,000 revenues  $ 340,000 equipment  $ 230,000  salaries expense  $ 140,000  accounts receivable  $ 90,000  office supplies expense  $ 8,000 Common stock($1 par)  $ 400,000 prepaid rent  $ 60,000  unearned revenue  $ 18,000 salaries payable  $ 3,000 accumulated depreciation- equipment  $ 40,000 retained earnings (1/1/2011)  $27,000    prepare Income statement and blance sheet for december 31, 2011

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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Cash $ 87,000

Rent expense  $ 10,000

Depreciation expense  $ 5,000

Accounts payable  $ 22,000

office supplies  $ 1,000

dividends  $ 9,000

land  $ 210,000

revenues  $ 340,000

equipment  $ 230,000 

salaries expense  $ 140,000 

accounts receivable  $ 90,000 

office supplies expense  $ 8,000

Common stock($1 par)  $ 400,000

prepaid rent  $ 60,000 

unearned revenue  $ 18,000

salaries payable  $ 3,000

accumulated depreciation- equipment  $ 40,000

retained earnings (1/1/2011)  $27,000 

 

prepare Income statement and blance sheet for december 31, 2011

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