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Golden Hawks Inc. reported the following amounts on its statement of financial position at December 31, 2020 Accounts receivable 55000 Cash 8000 Deferred revenue 42000 Inventory 25000 Land 320000 Notes payable 22000 Retained earnings ? Contributed capital 32000 How much was retained earnings ? Your Answer:

Golden Hawks Inc. reported the following amounts on its statement of financial position at December 31, 2020 Accounts receivable 55000 Cash 8000 Deferred revenue 42000 Inventory 25000 Land 320000 Notes payable 22000 Retained earnings ? Contributed capital 32000 How much was retained earnings ? Your Answer:

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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Golden Hawks Inc. reported the following amounts on its statement of financial position at December 31, 2020 Accounts receivable 55000 Cash 8000 Deferred revenue 42000 Inventory 25000 Land 320000 Notes payable 22000 Retained earnings ? Contributed capital 32000 How much was retained earnings ? Your Answer:
Transcribed Image Text:Golden Hawks Inc. reported the following amounts on its statement of financial position at December 31, 2020 Accounts receivable 55000 Cash 8000 Deferred revenue 42000 Inventory 25000 Land 320000 Notes payable 22000 Retained earnings ? Contributed capital 32000 How much was retained earnings ? Your Answer:
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