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Prepare a Balance Sheet from the following information for the year ended December 31, 2014: Long term debt $ 500,000 Cash $ 61,000 Allowance for
| Prepare a Balance Sheet from the following information for the year ended December 31, 2014: | ||||||
| Long term debt | $ 500,000 | |||||
| Cash | $ 61,000 | |||||
| Allowance for bad debts | $ 75,000 | |||||
| Wages Payable | $ 43,000 | |||||
| Accounts receivable | $ 425,000 | |||||
| Accumulated depreciation | $ 350,000 | |||||
| Inventories | $ 110,000 | |||||
| Gross Plant & Equipment | $ 1,140,000 | |||||
| Accounts Payable | $ 37,000 | |||||
| Prepaid rent | $ 8,000 | |||||
| Increase in (Unrestricted) Net Assets | $ 159,000 | |||||
| Beginning balance, temporarily restricted net assets | $ 70,000 | |||||
| Net assets released from temporary restriction | $ 22,000 | |||||
| Beginning balance, unrestricted net assets | $ 475,000 | |||||
| Ending balance, permanently restricted net assets | $ 35,000 | |||||
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College Accounting
Authors: Heintz and Parry
20th Edition
1285892070, 538489669, 9781111790301, 978-1285892078, 9780538489669, 1111790302, 978-0538745192
