A list of accounts for Maple Inc. at December 31, 2010, follows: Required 1. Determine cost of
Question:
Required
1. Determine cost of goods sold for 2010.
2. Determine net income for 2010.
3. Prepare a balance sheet dated December 31,2010.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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$2.359 Land $20,000 800 40,200 Retained Earnings, January 1, 2010 32,550 25,600 650 84,364 780 375 3,600 Accounts Receivable Advertising Expense Buildings and Equipment, Net Capital Stock Cash 4,510 Purchase Discounts 55,550 Purchases 50,000 590 Salaries Expense 2,300 Salaries Payable 6,000 Sales 3,200 Sales Returns 3,200 Transportation-In Income Tax Expense Income Tax Payable Interest Receivable Inventory: 100 Utilities Expense January 1, 2010 December 31, 2010 6,400 7500
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1 Cost of goods sold for 2010 Beginning inventory 6400 Purchases 40200 Less Purchase discounts 800 N...View the full answer
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Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
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