Question
2. Using the following below, build the balance sheet and income statement for this merchandize business. Cash - $10,000 Accounts Receivable - $80,000 Sales Discounts
2. Using the following below, build the balance sheet and income statement for this merchandize business.
| Cash - $10,000 | Accounts Receivable - $80,000 |
| Sales Discounts - $4,000 | Sales Expense - $5,500 |
| Owners Equity - $ 58,000 | Gross Profit - $56,000 |
| Accounts Payable - $30,500 | Unearned Rent $3,500 |
| Equipments - $ 25,000 | Interest Expense $1,000 |
| Cost of Goods Sold - $78,000 | Administrative Expenses - $4,000 |
| Wages Payable - $8,000 | Accumulated Depreciation, Equipments - $15,000 |
| Interest Revenue - $1,500 | Sales $138,000 |
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Tax Audit Techniques In Cash Based Economies A Practical Guide
Authors: Sheikh Sajjad Hassan
2nd Edition
0955354048, 978-0955354045
