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f s F f A scrambled list of accounts are shown below. Unscramble them and produce a balance sheet and income statement, with the correct
f s F f
A scrambled list of accounts are shown below. Unscramble them and produce a balance sheet and income statement, with the correct order of accounts (i.e. Liquidity,etc). You must determine their correct sign in each statement. Also Retained Earnings is left at $0.00, you are to calculate the amount needed to complete the balance sheet. NOTE: For an extra five (5) bonus points, you can try and put all the correct formatting in (S, underlines, etc.). Taxes Sales- Merchandise Retained Earnings Notes Payable Cash Interest Expense Long Term Debt Sales- Return Merchandise General and Administration Expense Accounts Receivable Taxes Payable Common Stock Notes Receivable Cost of Goods Sold Depreciation Expense Sales- Service Accounts Payable Inventory Equipment Salaries Payable Utility Expense Rent Expense Accrued Expense Accumulated Depreciation Paid-in-Capital Prepaid Expenses Salaries Expense 47,000 39,000 32,500 (2,500) 10,000 42,500 (8,000)
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