Question
CREATE A HORIZONTAL ANALYSIS TABLE Verde company had the following balances in it's accounting records as of December 1, year 2: Assets Liabilities & Stockholders
CREATE A HORIZONTAL ANALYSIS TABLE
Verde company had the following balances in it's accounting records as of December 1, year 2:
Assets Liabilities & Stockholders Equity
Cash $ 44,500 Common Stock $83,000
Inventory 28,000 Retained Earnings 24,500
Land 35,000
Total $ 107,500 Total $107,500
The following accounting events occurred during December, Year 2.
Event. 1. Purchased $350 of office supplies on account from Office Supplies USA.
2. Purchased inventory that cost $18,600 on account from Richburg Company.
3. Paid 50% of the amount due to Richburg Company.
4. Sold 75% of the inventory purchased in event 2 for $27,000 on account
5. Paid $12,000 cash for 6 month insurance policy.
6. Took out a $40,000 twelve-month loan. Interest at a rate of 6% will be paid on loan.
7. Collected the amount due from the customer in event #4 .
8. Sold 100% of the inventory held at the beginning of the year for $60,000 cash.
9. Incurred $18,200 of operating expenses on account.
Adjustments A. Recognized accrued salaries expense of 3,500.
B. Had $50 of office supplies on hand at the end of period.
C. Recognize one month prepaid insurance has expired.
D. Physical count on inventory revealed inventory on hand of $4,300
Verde Company had the following balances in its accounting records as of December 1, year 2:
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