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Required information [The following information applies to the questions displayed below.] Edwards Corporation operates hair salons under various brand names. The following is a simplified
Required information
[The following information applies to the questions displayed below.]
Edwards Corporation operates hair salons under various brand names. The following is a simplified list of accounts and amounts (in millions) reported in the companys accounts for the year ended June 30, 2016.
Accounts Payable | $ | 76 | |
Accounts Receivable | 80 | ||
Accumulated Amortization | 16 | ||
Accumulated Depreciation | 217 | ||
Amortization Expense | 8 | ||
Cash | 155 | ||
Common Stock | 260 | ||
Depreciation Expense | 71 | ||
Equipment | 510 | ||
Income Tax Expense | 8 | ||
Interest Expense | 16 | ||
Inventories | 163 | ||
Notes Payable (long-term) | 162 | ||
Office Expenses | 119 | ||
Prepaid Rent | 53 | ||
Rent Expense | 210 | ||
Retained Earnings | 476 | ||
Salaries and Wages Expense | 620 | ||
Salaries and Wages Payable | 145 | ||
Service Revenue | 1,156 | ||
Software | 376 | ||
Supplies Expense | 119 | ||
Prepare a post-closing trial balance at June 30, 2016. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
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