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Using the information below, prepare the three financial statements listed below for the Wonder & Gillham RETAIL Company for the year ended December 31,
Using the information below, prepare the three financial statements listed below for the Wonder & Gillham RETAIL Company for the year ended December 31, 2019: Trading Securities @cost $29,000 Unrealized gain on TrS Bonds Payable $ 7,000 Treasury Stock Cash $20,000 Salaries expense 8,000 (3,000) $ 3,500 Accounts payable 17,000 Dividends $ 4,000 Buildings 207,000 Taxes payable 23,000 Accumulated depreciation - Bldg. (20,000) Net Sales 117,000 Common stock (Par value) 100,000 Cost of Goods Sold 71,000 Preferred stock (Par value) 90,000 Accounts receivable 20,000 Additional Paid-in Capital (APIC) 50,000 Prepaid insurance (9 months) 5,000 Retained Earnings 1-1-20 5,000 Notes payable (>1 yr) 25,000 Land 58,000 Depreciation expense 6,000 Rent expense 2,500 Allowance for bad debts (2,000) Bad debt expense Unearned Revenue 2,000 Income tax expense 23,000 7,000 Inventory 7,000 Market Adjustment All accounts above have their normal balance; Market adjustment is a DR balance 10,000
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