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A scrambled list of accounts are shown below. Unscramble them and produce a balance sheet and income statement. All accounts must be in the correct
A scrambled list of accounts are shown below. Unscramble them and produce a balance sheet and income | |||||||||||||
statement. All accounts must be in the correct order, and you must classify accounts as current or not (current assets and liabilities) | |||||||||||||
You must also change signs as needed. | |||||||||||||
Retained Earnings is left at $0.00, you are to calculate the amount needed to complete the balance sheet. | |||||||||||||
Prepaid Insurance | 15,000 | ||||||||||||
Returned parts | 12,000 | ||||||||||||
AR | 25,000 | ||||||||||||
Interest Expense | 1,000 | ||||||||||||
Retained Earnings | 38,000 | ||||||||||||
Parts Income | 60,000 | ||||||||||||
Depreciation Expense | 3,000 | ||||||||||||
Insurance Expense | 1,000 | ||||||||||||
Utility Expense | 3,000 | ||||||||||||
Cash | 75,000 | ||||||||||||
Long Term Debt | 50,000 | ||||||||||||
Accumulated Depreciation | 20,000 | ||||||||||||
Inventory | 20,000 | ||||||||||||
AP | 22,000 | ||||||||||||
General and Administration Expense | 7,500 | ||||||||||||
Common Stock | 1,25,000 | ||||||||||||
Equipment | 1,00,000 | ||||||||||||
Taxes | 1,200 | ||||||||||||
Notes Payable (less than 90 days) | 20,000 | ||||||||||||
Wage Expense | 15,000 | ||||||||||||
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