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On May 31, 2022, the company's fiscal year end, a company had the following account balances. Cash Accounts Receivable Interest Receivable Automobiles Accumulated Depreciation,
On May 31, 2022, the company's fiscal year end, a company had the following account balances. Cash Accounts Receivable Interest Receivable Automobiles Accumulated Depreciation, automobiles Accounts Payable Interest Payable Notes Payable (due in 4 years) Common Stock. $1 par value Additional paid-in-capital, common stock Retained Earnings, May 31, 2021 $20,500 3,250 750 14,500 4,500 2,900 300 3,500 7,000 15,000 2,800 Required: If Net Income for the year is $3,000, compute the following amounts that would be shown on the Balance Sheet in the space provided. The company did not pay any dividends during the year. SHOW YOUR WORK TO RECEIVE CREDIT. 1. List the names of the accounts that are included in current assets. 2. Compute net Plant Assets. What accounts did you include in the calculation? 3. List the names of the accounts that are included in current liabilities 4. What is the total amount for stockholder's equity on the balance sheet (after accounts are closed so don't forget to update retained earnings)? 5. Compute the amounts of Total Assets and Total Liabilities. Does Total Assets Total Liabilities and Stockholder's Equity (show calculations to prove if it does or doesn't)?
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