(a) Mylar Corporation has collected the following information related to its December 31, 2017, balance sheet. Accounts...

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(a) Mylar Corporation has collected the following information related to its December 31, 2017, balance sheet.

Accounts receivable .................................................... $22,000

Equipment ...............................................................$180,000

Accumulated depreciation-equipment ............................. 50,000

Inventory ................................................................. 58,000

Cash ....................................................................... 13,000

Supplies .................................................................. 7,000

Prepare the assets section of Mylar Corporation's balance sheet.

(b) The following financial statement items were taken from the financial statements of Gomez Corp.

____ Trademarks

____ Notes payable (current)

____ Interest revenue

____ Income taxes payable

____ Debt investments (long-term)

____ Unearned sales revenue

____ Inventory

____ Accumulated depreciation

____ Land

____ Common stock

____ Advertising expense

____ Mortgage payable (due in 3 years)

Match each of the financial statement items to its proper balance sheet classification.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
Balance Sheet
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...
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For  answer-question

Accounting Tools for Business Decision Making

ISBN: 978-1118096895

6th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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