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Just want to see what a simple balance sheet looks like with these items listed on it... 1. Follow Table 8.1 on page 180 to
Just want to see what a simple balance sheet looks like with these items listed on it...
1. Follow Table 8.1 on page 180 to determine a balance sheet for OU Engineering Foundations, using the following data. The organization has little debt of $850,000. The current balance of accounts payable is $250,000. Federal taxes owed are $120,000. State taxes owed are $80,000. City taxes owed are $50,000. Unemployment taxes owed are $25,000. Real property taxes owed are $25,000. The board of directors demands to have 90 days cash on hand, which is $250,000 Securities held are $320,000. Accounts receivable are $230,000. The organization has a positive balance with suppliers of $5,000. Recent inventory indicates finished goods value to be $700,000; work in progress is $300,000; and raw materials are $50,000. The property is valued at $3,100,000. Depreciation/depletion of plant and equipment is $2,250,000Step by Step Solution
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