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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
LAS Corporation shows the following accounting record for
sales commissions 15,000
beginning merchandise inventory 16, 000
ending merchandise inventroy 9, 000
sales 185, 000
advertising 10, 000
purchase of merchandise 85, 000
employees salaries 20, 000
other operating expenses 30,000
1. Prepare income statement
SAC corporation shows the following accounting records
land 50, 000
accounts payable 2, 200
cash 10, 000
material inventory 474
accumulated depreciation (60 000)
accounts receivable 9, 500
finsihed goods inventory 3, 280
common stock, no par 70, 000
retained earnings 37, 054
income tax payable 4, 000
building and equipments 100, 000
2. prepare a balance sheet
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