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5. Please answer the question fully. Please be quick! The December 31, Year 4, balance sheet for Fanning Corporation is presented here. These are the
5. Please answer the question fully. Please be quick!
The December 31, Year 4, balance sheet for Fanning Corporation is presented here. These are the only accounts on Fanning's balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information: Required a. Compute the balance in trade accounts payable as of December 31, Year 4. b. Compute the balance in retained earnings as of December 31 , Year 4. c. Compute the balance in the inventory account as of December 31, Year 4. (Assume that the level of inventory did no change from last year.) Note: For all requirements, negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your answers to the nearest whole dollar amount Step by Step Solution
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