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Sherlock Sports Authority purchased inventory costing $30,000 by signing a 4% short-term, one-year note payable. The purchase occurred on July 31, 2018. Sherlock pays annual
Sherlock Sports Authority purchased inventory costing $30,000 by signing a 4% short-term, one-year note payable. The purchase occurred on July 31, 2018. Sherlock pays annual interest each year on July 31. Read the requirements (d) Show what the company would report for liabilities on its balance sheet at April 30, 2019, and on its income statement for the year ended on that date. Begin by showing what the company would report for liabilities on its balance sheet at April 30, 2019. Balance Sheet (partial) on April 30, 2019 Account Amount Now show what the company would report on its income statement for the year ended April 30, 2019. (If a box is not used in the statement, leave the box empty, do not select a label or enter a zero.) Income Statement (partial), April 30, 2019 Account Amount Sherlock Sports Authority purchased inventory costing $30,000 by signing a 4% short-term, one-year note payable. The purchase occurred on July 31, 2018. Sherlock pays annual interest each year on July 31. Read the requirements. (d) Show what the company would report for liabilities on its balance sheet at April 30, 2019, and on its income statement for the year ended on that date. Begin by showing what the company would report for liabilities on its balance sheet at April 30, 2019, Balance Sheet (partial) on April 30, 2019 Account Amount Now show what the company would report on its income statement for the year ended April 30, 2019. (If a box is not used in the statement, leave the box empty; do not select a label or enter a zero.) Income Statement (partial), April 30, 2019 Account Amount
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