FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The net income reported on the income statement for the current year was $262,100.
| End of Year | Beginning of Year | |||
| Cash | $71,030 | $75,290 | ||
| 90,070 | 92,910 | |||
| Inventories | 177,580 | 160,070 | ||
| Prepaid expenses | 9,870 | 10,620 | ||
| Accounts payable (merchandise creditors) | 79,340 | 84,020 | ||
| Salaries payable | 11,440 | 10,470 |
a. Prepare the "
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