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Blanton Company s balance sheet for 2 0 2 1 is provided below. For each item of information show which accounts will increase and decrease.
Blanton Companys balance sheet for is provided below. For each item of information show which accounts will increase and decrease. Use the financial statement template provided to you during class to do so Then use the following information to generate the income statement and balance sheet for
Blanton Co Balance Sheet Dec
Cash $
Accounts receivable
Inventory
Equipment, net
Total assets $
Accounts payable $
Common stock
Retained earnings
Total liabilities & shareholders' equity $
A During the year, Blanton purchased $ million worth of inventory on account.
B Blanton made $ million worth of sales on account during the year. The sold units cost Blanton $ million.
C Blanton received $ million worth of payments from their customers during the year, and paid $ million to its vendors.
D Blanton recognized $ in depreciation during the year and bought no new equipment.
E Blanton had other operating expenses, including wages and salaries of $ all paid in cash by the end of the year.
F Blanton paid a cash dividend of $ during the year.
G Blantons tax rate is The pay all income taxes in the year they are due.
Ignore any other expenses not discussed in information provided.
Generate the Balance Sheet and Income Statement for Use the balance sheet provided as a template for your balance sheet. The income statement should separate revenue net cost of goods sold, depreciation, other operating expenses, interest expense if any and tax expense to arrive at a net income number.
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