Solved Assignments P2. Use your knowledge of balance sheets to fill in the missing amounts: Assets:CASH – $10,000AC

  

This Assignment has been Solved

P2. Use your knowledge of balance sheets to fill in the missing amounts:Assets:CASH – $10,000ACCOUNTS RECEIVABLE – $100,000INVENTORY – $——TOTAL CURRENT ASSETS – $220,000GROSS PLANT AND EQUIPMENT – $500,000LESS: ACCUMULATED DEPRECIATION -$ ——NET PLANT AND EQUIPMENT – $375,000TOTAL ASSETS – $——Liabilities:ACCOUNTS PAYABLE – $12,000NOTES PAYABLE – $50,000TOTAL CURRENT LIABILITIES – $——LONG-TERM DEBT – $——TOTAL LIABILITIES – $190,000COMMON STOCK ($1 per 100,000 shares) -$ ——PAID-IN CAPITAL – $——RETAINED EARNINGS – $150,000TOTAL STOCKHOLDERS’ EQUITY – $——TOTAL LIABILITIES AND EQUITY – $——

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