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STOCK'S Accounting Company has the following account balances: Cash, $10,000; Accounts Receivable, $4,000; Prepaid Rent $3,000 Supplies, $ 1,700 Equipment, $12,000; Trucks, $30,000; Accounts Payable,
STOCK'S Accounting Company has the following account balances: Cash, $10,000; Accounts Receivable, $4,000; Prepaid Rent $3,000 Supplies, $ 1,700 Equipment, $12,000; Trucks, $30,000; Accounts Payable, $5,000 Common Stock, $40,000; Retained Earnings $15,700. Business transactions during December are presented as follows: 1. Company received cash from clients for services, $9,000 2. Larson paid to creditors $100 3. Paid office rent for the month of December, $1500, 4. Company billed client for accounting services on account, $10,400 5. Supplies were purchased on account, $,1,300 6. Company received cash from clients billed previously, $12,000 7. Larson received an invoice for office equipment repair services from Office Extra for December (the invoice will be paid next month), $1,700 8. Larson paid monthly salaries, $5,400, 9. Utilities expense were paid, $,560 10. Miscellaneous expense were paid, $700, 11. Dividends were paid, $1,100. REQUIRED: PREPARE THE ACCOUNTING EQUATION TABLE AS OF DEC 31, 2020 (10 points). PREPARE THE BALANCE SHEET AS OF DECEMBER 31, 2020 (5 points). PREPARE THE INCOME STATEMENT AS OF DEC 31, 2020 (10 points). PREPARE THE STATEMENT OF CASH FLOWS AS OF DEC 31, 2020 (5 points)
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