Question

Using the following accounts, prepare a classified balance sheet at year end, May 31, 2014: Accounts Payable, $1,600; Accounts Receivable, $2,200; Accumulated Depreciation—Equipment, $1,400; Cash, $400; Owner’s Investment, $2,000; Equipment,
$6,000; Franchise, $400; Investments (long-term), $1,000; Merchandise Inventory, $1,200; Notes Payable (long-term), $800; Owner’s Capital, $?; Wages Payable, $200.
Assume that this is the company’s first year of operations.



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  • CreatedMarch 26, 2014
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