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Please provide how answers were derived. Presented below is a list of financial statement accounts and amounts. A. Identify the nature of each account using
Please provide how answers were derived.
Presented below is a list of financial statement accounts and amounts. A. Identify the nature of each account using the letter A for assets, L for liabilities, SE for shareholders' equity, R for revenue, E for expenses, and NA for not applicable. Accounts Amount A, L, SE, R, E or NA 1 Salaries expense $ 43,000 2 Common stock 47,500 3 Accounts receivable 55,500 4 Dividends paid 19,000 5 Sales revenue 267,000 51,500 14,000 6 Inventory 7 Wages payable 8 Equipment 9 Cost of goods sold 175,000 10 Rent expense 11 Income tax expense 104,000 19,000 30,500 62,500 56,500 12 Cash 13 Retained earnings B. Calculate net income for the period. C. How much has been earned by the company's operations but not distributed to shareholders? D. What is the total investment by shareholders? E. How much do customers owe the companyStep by Step Solution
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