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A partial list of accounts from a company's year-end financial statements is provided below. a. Based on the partial list of account balances above, what
A partial list of accounts from a company's year-end financial statements is provided below. a. Based on the partial list of account balances above, what is gross profit? b. Based on the partial list of account balances above, what is net income? Assume that sales is the only revenue. c. Based on the partial list of account balances above, what is total liabilities? Assume that the only equity accounts are common stock and retained earnings. (Hint: Use total assets in your calculation.)
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