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Preparation and Interpretation of Financial Statements
A list of financial statement items follows.
Wages expense Equipment
Equipment rental expense Net income
Land
Owner's capital Revenues
Accounts receivable
Required:
Accounts payable Rent expense Withdrawals Fees earned
Cash SuppliesUtilities expense
1. Indicate whether each item is found on the income statement (IS), statement of owner's equity (OE), and/or balance sheet (BS).
2. Business Application- Which statement is most closely associated with the goal of profitability?
The company purchased a building on January 1, 2013. It cost $960,000 and is expected to have a $45,000 salvage value at the end of its predicted 30-year life. Annual depreciation is $30,500.
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A journal entry for a $250 payment on account was posted as a $520 debit to account was posted as a $520 debit to Accounts payable and a $250 credit to cash. this error will cause whihc of the following condition on the trial balance?
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Budgeted cost of goods sold should include which of the following?
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