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    rsakma1963 Posts: 1, Reputation: 1
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    May 31, 2012, 08:03 PM
    Free help with financial accounting school work
    A company's balance sheets
    December 31
    2012 2011
    Cash $15,000 $30,000
    Receivables 70,000 60,000
    Inventories 60,000 50,000
    Plant assets (net) 200,000 180,000
    345,000 320,000


    Accounts payable 50,000 60,000
    Mortgage payable (15%) 100,000 100,000
    Common Stock, $10 par 140,000 120,000
    Retained earnings 55,000 40,000
    345,000 320,000

    Additional information:
    1) Net income was $25,000.
    2) Sales on account were $410,000. Sales returns and allowances were $20,000.
    3) Cost of goods sold was $198,000.
    4) The allowance for doubtful accounts was $2,500 on December 31, 2012, and $2,000 on December 31,2011.

    I have tried to divide the current assts/current liabilities,
    Adding some of the additional info. To the numbers in numerouse ways. Just not getting it.

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