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At year-end 2001 Terri-Yung had notes payable of $1,200, accounts payable of $2,400, and long- term debt of $3,000. Corresponding entries for 2002: $1,600, $2,000,
At year-end 2001 Terri-Yung had notes payable of $1,200, accounts payable of $2,400, and long- term debt of $3,000. Corresponding entries for 2002: $1,600, $2,000, and $2,800. Assets for 2001 and 2002 are shown below. Prepare the company's balance sheets for the end of 2001 and 2002, respectively. Current Assets Cash Marketable Securities Accounts Receivable Inventory 2001 $800 400 900 1,800 2002 $500 300 800 2,000 Fixed Assets Net Plant and Equipment $6,000 $8,000
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