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Assessment Instructions
For this assessment, complete the Problems 5-1, 5-2, and 5-3. You may use Word or Excel to complete the assessments throughout this course, but you will find Excel to be most helpful for creating spreadsheets. Tutorials for using Excel are provided in the Supplemental Resources in the left navigation menu. If you use Excel, submit the assessment in one Excel document, using separate tabs for each spreadsheet.
The Sanchez Corporation is preparing its 2012 balance sheet. The company records show the following selected amounts at the end of the accounting period, December 31, 2012:
Problem 5-1: Sanchez Corporation Selected Amounts
Account Dollar Amount
Liabilities
Dollar Amount
Notes payable (8%, due in 6 years)
$40,000
Accounts payable
$60,000
Income taxes currently payable
$15,000
Liability for withholding taxes
$4,000
Rent revenue collected in advance by up to four months
$8,000
Bonds payable (due in 15 years).
$100,000
Wages payable
$6,000
Property taxes payable
$3,000
Note payable (10%, due in 6 months)
$22,000
Interest payable
$1,200
Common stock
$200,000
Using the information provided in the table, complete the following:
Then, answer the following questions?
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