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Question - National Shops, Inc. reported the following amounts on its balance sheet as of December 31, 2010:
Inventory $325,000
Notes payable 100,000
Cash 150,000
Contributed capital 250,000
Equipment 700,000
Accumulated depreciation 600,000
Accounts receivable 30,000
Accounts payable 45,000
Retained earnings 210,000
Requirements:
1. What is the amount of National's total assets?
2. What is the amount of National's total liabilities?
3. What is the amount of National's stockholders' equity?
wilson co. purchased land as a factory site for 900000. wilson paid 80000 to tear down two buildings on the land.
Investment income and related expenses amount to $7,000 and $500, respectively. What is Mike and Sally's interest deduction for the 2010 tax year?
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Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as dates. Insert memo account balances as of the end of the month.
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Alex Mashiri and Dana Mendel are discussing the benefits of budgeting. They ask you to identify the primary advantages of budgeting. Comply with their request.
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