SHAMROCK COMPANYBalance Sheet (Partial)For the Year Ended June 30, 2022ASSETS$$$ Current Attempt in ProgressThe following data were taken from the records of Shamrock Company for the fiscal year ended June 30, 2022.Raw Materials Inventory 7/1/21Raw Materials Inventory 6/30/22Finished Goods Inventory 7/1/21Finished Goods Inventory 6/30/22Work in Process Inventory 7/1/21Work in Process Inventory 6/30/22Direct LaborIndirect Labor$50,40039,90099,60020,60027,30020,100148,35025,660Accounts ReceivableFactory InsuranceFactory Machinery DepreciationFactory UtilitiesOffice Utilities ExpenseSales RevenueSales DiscountsFactory Manager's SalaryFactory Property TaxesFactory RepairsRaw Materials PurchasesCash$28,0005,50018,10030,1008,6502,1005,30064,9009,6102,20098,70038,200

CURRENT ASSETS Current Assets are those Assets that are expected to be converted to cash within…

Answered: SHAMROCK COMPANY Balance Sheet…

Business

Accounting

SHAMROCK COMPANY Balance Sheet (Partial) For the Year Ended June 30, 2022 ASSETS $ A $ $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
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