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The following selected accounts and their current balances appear in the ledger of Larco Co. for the fiscal year ended June 30, 2020. Accounts Payable
The following selected accounts and their current balances appear in the ledger of Larco Co. for the fiscal year ended June 30, 2020. | ||||
Accounts Payable | 9,850 | LT Note Payable | 80,080 | |
Accounts Receivable | 23,850 | Misc. Administrative Expense | 1,280 | |
Accumulated Depreciation - Office Equipment | (10,240) | Misc. Selling Expense | 1,280 | |
Accumulated Depreciation - Store Equipment | (27,360) | Office Equipment | 63,000 | |
Advertising Expense | 8,560 | Office Salaries Expense | 63,050 | |
Cash | 45,000 | Office Supplies | 2,380 | |
Common Stock | 35,000 | Office Supplies Expense | 1,040 | |
Cost of Goods Sold | 435,000 | Additonal Paid-in Capital | 28,000 | |
Customer Refunds Payable | 4,500 | Prepaid Insurance | 2,720 | |
Depreciation Expense - Office Equipment | 4,160 | Rent Expense | 35,780 | |
Depreciation Expense - Story Equipment | 3,120 | Retained Earnings, ending balance | 110,000 | |
Dividends | 12,000 | Salaries Payable | 1,920 | |
Insurance Expense | 1,678 | Sales | 715,000 | |
Interest Expense | 12,500 | Sales Salaries Expense | 97,520 | |
Inventory | 85,000 | Store Equipment. | 85,000 | |
Sutton Co. has 15,000 shares of common stock authorized and 3,500 shares issued and outstanding with a par value $10. Others on your team prepared the income statement and the statement of stockholders equity. | ||||
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Prepare the classified balance sheet in good form for Larco co. at June 30, 2020. |
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