preparation and Interpretation of Financial Statements p8. Sears Labs’ financial accounts follow….
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preparation and Interpretation of Financial Statements
p8. Sears Labs’ financial accounts follow. The company has just completed its third year of operations ended November 30, 2014.
Accounts Payable
$ 7,400
Marketing Expense
$19,700
Accounts Receivable
9,100
Office Rent Expense
18,200
Cash
115,750
Retained Earnings,
Common Stock
15,000
November 30, 2013
55,400
Design Service Revenue
248,000
Salaries Expense
96,000
Dividends
40,000
Salaries Payable
2,700
Income Taxes Expense
38,850
Supplies
800
Income Taxes Payable
13,000
Supplies Expense
3,100
reQUIreD
1. Prepare Sears Labs’ income statement, statement of retained earnings, and balance sheet.
2. BUsiness appliCation ▶ Evaluate the company’s ability to meet its bills when they come due.
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