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Home > Education > Homework Help > Finance & Accounting   »   assets=liab+sq point me in the right direction

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Old Oct 6, 2008, 08:51 PM
joesilzer
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assets=liab+sq point me in the right direction

I know I am close but I cant find where I am messing up
any help would be great

Accounts payable $79,000.00
Accounts receivable $103,000.00
Accumulated depreciation – equipment $27,000.00
Depreciation expense $800.00
Interest revenue $925.00
Cash $80,500.00
Common stock (10,000 shares outstanding) $100,000.00
Cost of merchandise sold $634,550.00
Dividend $19,100.00
Equipment $139,450.00
General expenses $114,250.00
Interest expense $5,600.00
Merchandise inventory $154,250.00
Prepaid insurance $11,225.00
Salaries Expense $18,000.00
Retained earnings $53,025.00
Salaries Payable $14,550.00
Sales $979,500.00
Selling expenses $140,700.00


blnce sheet
assets
cash $80,500.00
acc rec $103,000.00
inv $154,250.00
pre ins $11,225.00
equip $139,450.00
totl $488,425.00

liab
acc py $79,000.00
salaries $14,550.00
acc dep $27,000.00
$120,550.00
sequity
re $53,025.00
cs $100,000.00
$153,025.00 $273,575.00

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