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The company's most recent balance sheet given below. The business uses very conservative accounting methods for certain expenses, but it could have used more liberal accounting methods for these expenses. The more liberal accounting methods would have caused the following results:
Using the landscape format, prepare a revised balance sheet for the business giving effect to these differences. (Ignore income tax effects.)
Assets
Liabilities & Owners' Equity
Cash
$1,500,000
Accounts Payable
$700,000
Accounts Receivable
$1,000,000
Accrued Expenses Payable
$600,000
Inventory
$1,800,000
Short-term Notes Payable
Prepaid Expenses
$300,000
Total Current Liabilities
$2,800,000
Total Current Assets
$4,600,000
Long-term Notes Payable
$2,000,000
Property, Plant, & Equipment
$4,800,000
Owners Equity:
Accumulated Depreciation
($1,400,000)
Capital Stock (10,000 shares)
Cost Less Depreciation
$3,400,000
Retained Earnings
$2,200,000
Total Assets
$8,000,000
Total Owners' Equity
$3,200,000
Total Liabilities & Owners' Equity
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