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Business Accounting Question 1 (10 points) These items are taken from the financial statements of Summit Ltd. at December 31, 2021: Accounts payable $21,050 Accounts
Business Accounting
Question 1 (10 points) These items are taken from the financial statements of Summit Ltd. at December 31, 2021: Accounts payable $21,050 Accounts receivable 20,780 Accumulated depreciationbuildings 50,600 Accumulated depreciation-equipment 21,470 Buildings 133,800 Cash 24,040 Common shares 140,000 Equipment 66,100 Income tax expense 5,200 Interest expense 4,550 Interest payable 2,100 Land 194,000 Long-term investments 28,970 Mortgage payable 104,000 Operating expenses 158,680 Prepaid insurance 1,420 Retained earnings, January 1 116,520 Service revenue 183,040 Supplies 1,240 Calculate the following items: Net Income, Ending Balance of Retained Earnings, Shareholders' Equity, Total Assets (Please follow this order for your answer and put a comma after thousands e.g., 100,000. Please show and upload your calculations in the Homework Folder of the Assignment Tab)Step by Step Solution
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