The balance sheet items of Mercer Company as of December 31, 2011, follow in random order. You
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You are to prepare a balance sheet for the company, using a similar sequence for assets as illustrated in Exhibit 29. You must compute the amount for RetainedEarnings.
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Exhibit 2-9 OVERNIGHT AUTO SERVICE BALANCE SHEET JANUARY 31, 2011 Liabilities & Owners' Equity Assets Cash Accounts Receivable Land Building Tools and Equipment $ 18,000 bilities: 1,200 52,000 36,000 12,000 Notes Payable Accounts Payable. 30,000 7,000 Total liabilities $ 37,000 Owners' equity: Capital Stock Retained Earnings . . $80,000 2,200 $ 82,200 $119,200 Total $119,200 Tota Land $90,000 43,800 56,700 36,300 Office Equipment Building Capital Stock Notes Payable... Retained Earnings 12,400 210,000 75,000 207,000 Accounts Payable. Accounts Receivable
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MERCER COMPANY Balance Sheet Assets December 31 2011 Liabilities Owners Equity Cash 36300 Liabili...View the full answer
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Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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