Question
Dewey, Cheatum, & Howe had the following business transactions for the year in 2014. Post the following business transactions and create a balance sheet, income
Dewey, Cheatum, & Howe had the following business transactions for the year in 2014. Post the following business transactions and create a balance sheet, income statement, statement of retained earnings, and statement of cash flow. The beginning balance sheet had the following Assets: cash 15,000, marketable securities 10,000, accounts receivable 7,500, building & equip. 90,000, land 40,000. Total Assets 162,500. Liabilities: 6,500, wages payable 2,000, taxes payable 6,500, notes payable 56,000, Total Liabilities 71,000. Shareholders' Equity: common stock 30,000, retained earnings 61,500. Total Shareholders' Equity 91,500. The transactions to be posted are sold 20,000 in stock, paid wages payable obligation, billed 110,000 in sales revenue( all were due in 30 days), paid 3,500 on the tax obligation, paid 5,000 in marketable securities, paid 60,000 in salaries, paid 16,000 toward the notes payable, collected 105,000 on accounts receivable, paid 10,000 for advertising, paid 12,000 for utilities, depreciation on the building/equipment is 5,000, paid 6,000 in dividends.
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