Question
Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The companys balance sheet accounts as of January 1, the beginning of its
Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The companys balance sheet accounts as of January 1, the beginning of its fiscal year, are given below: Supreme Videos, Inc. Balance Sheet January 1 Assets Current assets: Cash $69,000 Accounts receivable 108,000 Inventories: Raw materials (film, costumes) $36,000 Videos in process 51,000 Finished videos awaiting sale 87,000 174,000 Prepaid insurance 10,200 Total current assets 361,200 Studio and equipment 742,000 Less accumulated depreciation 216,000 526,000 Total assets $887,200 Liabilities and Stockholders' Equity Accounts payable $185,200 Capital stock $426,000 Retained earnings 276,000 702,000 Total liabilities and stockholders' equity $887,200 Problem 3-28 Cost Flows; T-Accounts; Income Statement [LO3-1, LO3-2, LO3-5, LO3-6, LO3-7] This is part of my mgmt accounting hw chapter 3, problem #13. I already have part of one answer, just need help with the rest
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