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A scrambled list of accounts are shown below. Unscramble them and produce a balance sheet and income statement, with the correct order of accounts (i.e.
A scrambled list of accounts are shown below. Unscramble them and produce a balance sheet and income statement, with the correct order of accounts (i.e. Liquidity,etc). You must determine their correct sign in each statement. Also Retained Earnings is left at $0.00, you are to calculate the amount needed to complete the balance sheet. NOTE: For an extra five (5) bonus points, you can try and put all the correct formatting in ($, underlines, etc.). You must have all correct in order to receive the five (5) bonus points. See Tables 3-1 and 3-2 for the correct formatting. Utility Expense Notes Payable Interest Expense Sales - Return Merchandise Paid in Capital Notes Receivable Accounts Payable 30,000 125,000 15,000 (25,000) 250,000 100,000 150,000 400,000 200,000 125,000 Cash Cost of Goods Sold Salaries Expense Retained Earnings Salaries Payable Equipment Common Stock Taxes Sales - Service Long Term Debt Accumulated Depreciation Accounts Receivable Sales - Merchandise Prepaid Expenses Taxes Payable Rent Expense Depreciation Expense Inventory General and Administration Expense 50,000 425,000 290,000 15,000 180,000 325,000 (80,000) 250,000 450,000 12,000 24,000 25,000 35,000 153,000 75,000
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