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A set of financial statements for Shelbys Music, Inc., follows: Requirements Fill in the missing amounts (indicated with questionmarks). Shelby's

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A set of financial statements for Shelby’s Music, Inc., follows:


A set of financial statements for Shelby’s Music, Inc., follows:


Requirements
Fill in the missing amounts (indicated with questionmarks).

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...
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Shelby's Music, Inc. Income Statement For the Year Ended June 30, 2012 Sales Cost of goods sold Gross profit on sales 376,000 Operating income Interest expense.. Income taxes Net income 525,000 419,000 142,450 Shelby's Music, Inc. Balance Sheet At June 30, 2012 $14,070 12,520 Cash Accounts receivable . : Inventory Equipment ..$158,592 18,621 Accounts payable.. Notes payable. 896.895 Contributed capital.... Retained earnings······· Total ー122.000 Total 1231,000

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1 Sales Cost of Goods Sold Grass Profit X 375 000 525 00…View the full answer


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Financial Accounting: A Business Process Approach

Financial Accounting: A Business Process Approach

ISBN: 978-0136115274

3rd edition

Authors: Jane L. Reimers

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