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XYZ Corp purchases and receives a good for $8 this year. It intends to sell the good for $12 next year. XYZ paid the first
XYZ Corp purchases and receives a good for $8 this year. It intends to sell the good for $12 next year. XYZ paid the first $4 this year and will pay the remaining $4 next year. XYZ's balance sheet at the beginning of this period is shown below. Change all the numbers (if any) on the balance sheet to show the effect of the purchase on the balance sheet at the end of this period. Cash 100 Accounts Payable 25 Accounts Receivable 30 Other Current Liabilities 35 Inventory 40 Long-Term Debt 450 Equipment: Original Cost 1000 Paid-In Capital 50 Equipment: Depreciation 500 Retained Earnings 110 E
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