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On August 31, the balance sheet of Swifty Veterinary Clinic showed Cash $11,000, Accounts Receivable $3,700, Supplies $600, Equipment $6,000, Accounts Payable $5,600, Common Stock
On August 31, the balance sheet of Swifty Veterinary Clinic showed Cash $11,000, Accounts Receivable $3,700, Supplies $600, Equipment $6,000, Accounts Payable $5,600, Common Stock $14,800, and Retained Earnings $900. During September, the following transactions occurred.
1. | Paid $2,950 cash for accounts payable due. | |
2. | Collected $2,000 of accounts receivable. | |
3. | Purchased additional equipment for $1,550, paying $750 in cash and the balance on account. | |
4. | Performed services worth $8,800, of which $3,400 is collected in cash and the balance is due in October. | |
5. | Declared and paid a $2,000 cash dividend. | |
6. | Paid salaries $2,200, rent for September $1,150, and advertising expense $100. | |
7. | Incurred utilities expense for month on account $210. | |
8. | Received $13,000 from Capital Bank on a 6-month note payable. |
Prepare a classified balance sheet at September 30. (List Current Assets in order of liquidity.)
SWIFTY VETERINARY CLINIC Balance Sheet |
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Question 3 of 5 10.5 / 14 Assets $ $ Liabilities and Stockholders' Equity $ $ Liabilities and Stockholders' Equity $ $ $
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