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Prepare a balance sheet for an organisation that has provided the following figures. Short-term loans payable $25,000, prepaid expenses $17,000, inventory $85,000, long-term loans payable
Prepare a balance sheet for an organisation that has provided the following figures. Short-term loans payable $25,000, prepaid expenses $17,000, inventory $85,000, long-term loans payable 42,000, equipment $60,000, paid in capital $35,000, PAYG tax withheld $15,000, accounts receivable $185,000, goodwill $15,000, cash $60,000, retained earnings $50,000, accounts payable $15,000, accumulated depreciation $95,000, expenses payable $20,000 and capital stock $15,000. Net profit for the period was $110,000.
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