The following balances were drawn from the accounts of ETE Industries. All accounts have normal balances and are listed in random order. Equipment $ 35,000 Accounts payable 19,000 Cash 48,000 Depreciation expense 4,500 Common stock 36,000 Accumulated depreciation 9,500 Accounts receivable 42,000 Merchandise inventory 18,000 Allowance for doubtful accounts 6,000 Retained earnings 27,000
The following balances were drawn from the accounts of ETE Industries. All accounts have normal balances and are listed in random order. Equipment $ 35,000 Accounts payable 19,000 Cash 48,000 Depreciation expense 4,500 Common stock 36,000 Accumulated depreciation 9,500 Accounts receivable 42,000 Merchandise inventory 18,000 Allowance for doubtful accounts 6,000 Retained earnings 27,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following balances were drawn from the accounts of ETE Industries. All accounts have normal balances and are listed in random order.
| Equipment | $ 35,000 |
|---|---|
| Accounts payable | 19,000 |
| Cash | 48,000 |
| 4,500 | |
| Common stock | 36,000 |
| 9,500 | |
| 42,000 | |
| Merchandise inventory | 18,000 |
| Allowance for doubtful accounts | 6,000 |
| 27,000 | |
| Uncollectible accounts expense | 3,500 |
| Interest expense | 10,000 |
| Cost of good sold | 44,000 |
| Sales revenue | 111,500 |
| Dividends | 4,000 |
Required:
Prepare an adjusted
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