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I think I have all the numbers and adjusted value, but I need help organizing my balance sheet. Presented below are selected accounts of Concord
I think I have all the numbers and adjusted value, but I need help organizing my balance sheet.
Presented below are selected accounts of Concord Company at December 31, 2025. The following additional information is available. 1. Inventories are valued at lower-of-cost-or-market using LIFO. 2. Equipment is recorded at cost. Accumulated depreciation, computed on a straight-line basis, is $53,798. 3. The short-term investments have a fair value of $29,980. 4. The notes receivable are due April 30, 2027, with interest receivable every April 30. The notes bear interest at 6%. (Hint: Accrue interest due on December 31, 2025.) 5. The allowance for doubtful accounts applies to the accounts receivable. Accounts receivable of $51,200 are pledged as collateral on a bank loan. 6. Licenses are recorded net of accumulated amortization of $14,220. 7. Treasury stock is recorded at costStep by Step Solution
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