Question

The financial statements of Nason Corporation reported the following accounts (in thousands):
Contributed Surplus ....... $170
Cost of Goods Sold ....... 588
Common Shares, 400 shares
issued and outstanding ........ 400
Cash .............. 240
Long-Term Debt .......... 76
Net Sales .......... $1,080
Accounts Payable ....... 60
Retained Earnings ....... 166
Other Current Liabilities ...... 52
Operating Expenses ......... 412
Total Assets ........... ?
Prepare the shareholders’ equity section of Nason Corporation’s balance sheet. Net income has already been closed to Retained Earnings.


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  • CreatedJuly 08, 2015
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