The following accounts and balances were taken from the financial
The following accounts and balances were taken from the financial statements of Electronic Super Deals, Inc. For each item, identify the financial statement(s) on which the item would appear. Then, identify each balance sheet item as an asset, a liability, or a shareholders’ equity account.
Equipment ................... $120,000
Accounts receivable ............... 105,000
Inventory ................... 225,000
Long-term notes payable ............. 315,025
Net cash from operating activities .......... 28,000
Common Stock .................. 35,150
Land ..................... 575,000
Retained earnings ................ 100,000
Cash ..................... 340,000
Interest payable ................... 650
Long-term mortgage payable ............. 85,000
Salaries payable ................. 21,525
Net cash from financing activities .......... 18,000

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