The following accounts and balances were taken from the financial statements of Books & Media, Inc. For
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Inventory ............ $ 81,250
Accounts payable ........... 52,300
Cash ................ 77,880
Short-term notes payable ........ 32,200
Net cash from investing activities .... 49,300
Building .............. 76,475
Common stock ........... 105,000
Retained earnings .......... 63,000
Net cash from financing activities ..... 21,080
Accounts receivable ......... 44,270
Long-term mortgage payable ...... 54,000
Taxes payable ............ 1,500
Net cash from operating activities .... 34,350
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...
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Related Book For
Financial Accounting: A Business Process Approach
ISBN: 978-0136115274
3rd edition
Authors: Jane L. Reimers
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