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Using the following accounts, prepare, a classified balance sheet at year end, May 31, 20xx; Account Payable, $800; Accounts Receivable $1, 100; Accumulated Depreciation-Equipment $700;
Using the following accounts, prepare, a classified balance sheet at year end, May 31, 20xx; Account Payable, $800; Accounts Receivable $1, 100; Accumulated Depreciation-Equipment $700; Cash, $200; Owner's Investment, $1,000; Equipment, $3,000; Franchise, $200; Investments (long-term), $500; Merchandise Inventory, $600; Notes Parable (long-term), $400. Owner's capital, 3, 600; Wages payable, $100. Assume that this is the company's first year of operations
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