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Arlington Co. presented you with a trial balance as of March 30, 2022, shown below. Credits are shown in parentheses, like this: (1,000). NOTE:
Arlington Co. presented you with a trial balance as of March 30, 2022, shown below. Credits are shown in parentheses, like this: (1,000). NOTE: A spreadsheet is provided on Blackboard with account titles and amounts included. You do not need to re-type this information. Cash Accounts receivable. Inventory.... $ 1,000 .20,000 60,000 Prepaid expenses. 10,000 Note receivable. 5,000 Land 75,000 Building 250,000 Equipment.. .448,000 Accumulated depreciation ..(175,000) Other assets. .18,000 Notes payable.. .(15,000) Accounts payable. .(28,000) Accrued expenses.. ..(3,000) Income taxes payable. .(19,000) Long-term notes payable.. .(275,000) Pension plan liabilities. ..(12,000) Common stock.. ..(2,000) Additional paid-in capital .(88.000) Retained earnings.... (190,000) Sales. (1,280,000) Other income. (15,000) Cost of goods sold... 850,000 Administrative expense. 175,000 Marketing expense. 150,000 Interest expense... 15,000 Income tax expense.. .25,000 Your assignment: A. Prepare a properly formatted statement of financial position (something you'd be proud to show at a bank applying for a loan). B. Prepare a properly formatted statement of income (again, something you'd be proud of). Note the following: (1) There are no discontinued operations so you should not show income from continuing operations; (2) Show the "multiple-step" format (see your textbook for examples); (3) you cannot calculate or show earnings per share, you have insufficient information so don't try.
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