Year 1 Year 2 Item 550 230 Accounts payable Accounts receivable 510 ? 1000 1100 Accruals...

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Year 1 Year 2 Item 550 230 Accounts payable Accounts receivable 510 ? 1000 1100 Accruals Capital surplus 300 320 Cash 300 550 Common stock 2000 2250 Cost of goods sold 4,020 4600 Depreciation expense 180 350 Interest expense 150 190 Inventory 3000 3250 Long-term debt 1500 1650 Net fixed assets 2700 2500 Notes payable 750 580 Operating expense 340 Retained earnings 430 ? Sales 840 5,280 Taxes 6000 130 In Year 1, net income was 140 TCL Year 1 Year 2 Item 550 230 Accounts payable Accounts receivable 510 ? 1000 1100 Accruals Capital surplus 300 320 Cash 300 550 Common stock 2000 2250 Cost of goods sold 4,020 4600 Depreciation expense 180 350 Interest expense 150 190 Inventory 3000 3250 Long-term debt 1500 1650 Net fixed assets 2700 2500 Notes payable 750 580 Operating expense 340 Retained earnings 430 ? Sales 840 5,280 Taxes 6000 130 In Year 1, net income was 140 TCL