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Young & Carter Incorporated reported the following accounts and amounts (in millions) in its financial statements for the year ended November 30, 2018. Accounts Payable
Young & Carter Incorporated reported the following accounts and amounts (in millions) in its financial statements for the year ended November 30, 2018. Accounts Payable Accounts Receivable $ 970 1,140 Accumulated Amortization 630 Accumulated Depreciation 1,260 Allowance for Doubtful Accounts 80 Cash and Cash Equivalents 1,160 Common Stock 600 Deferred Revenue 2,140 Equipment 8,830 Income Taxes Payable 80 Notes Payable (long-term) 3,970 Notes Receivable (long-term) 380 Prepaid Rent 400 Retained Earnings 8,470 Service Revenue 620 Short-Term Investments 5,250 1,040 Software Required: Prepare a classified balance sheet. The Allowance for Doubtful Accounts relates entirely to Accounts Receivable. (One of the accounts does not belong on the balance sheet.) (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) YOUNG & CARTER INCORPORATED Balance Sheet As of November 30, 2018 (in millions of dollars) Assets Assets Current Assets Accounts Receivable, net of Allowance Total Current Assets Non-current Assets Equipment, net of Accumulated Depreciation Software, net of Accumulated Amortization Total Assets Current Liabilities Total Current Liabilities Non-current liabilities Liabilities Total Liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Stockholders' Equity
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