Question
The Gold Delivery Company specializes in delivering products from local manufacturers to retail shoes. At the end of November 2003, the company's general ledger carries
The Gold Delivery Company specializes in delivering products from local manufacturers to retail shoes. At the end of November 2003, the company's general ledger carries the following balances (not separates at to debit and credit balances):
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Accounts Payable - $10,200
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Account Receivable - $23,000
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Capital Stock - $25,000
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Cash - $8,000
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Delivery Equipment - $22,000
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Deliver Expenses (gas, oil) - $1,300
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Delivery Revenues - $12,000
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Insurance Expenses - $500
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Loans Payable $10,500
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Notes Payable - $3,500
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Office Equipment - $3,700
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Prepaid Insurance - $2,000
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Rent Expense - $1,500
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Retained Earnings (at October 31) - $8,000
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Wages Expense - $7,200
Construct, in conventional format, both an income statement for the month of November 2003 and a balance sheet at month-end, using the data above. Derive Gold Deliverys profit for the month, and make sure the balance sheet balances.
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