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Using the tabular analysis of business transactions, prepare, in good form, the income statement and balance sheet of IE Company for the year ended December 31, 2022. The balances of specific accounts for IE Company as of December 31, 2021 are presented below. Cash 12,582 Accounts receivable 155,865 Merchandise inventory 184,378 Prepaid asset 30,000 Land 500,500 Building 360,000 Accum. depn. - building 120,000 Equipment 123,200 Accum. depn.- equipment 12,320 Accounts payable 148,756 Acemed expancas 10 3930 -

Using the tabular analysis of business transactions, prepare, in good form, the income statement and balance sheet of IE Company for the year ended December 31, 2022. The balances of specific accounts for IE Company as of December 31, 2021 are presented below. Cash 12,582 Accounts receivable 155,865 Merchandise inventory 184,378 Prepaid asset 30,000 Land 500,500 Building 360,000 Accum. depn. - building 120,000 Equipment 123,200 Accum. depn.- equipment 12,320 Accounts payable 148,756 Acemed expancas 10 3930 -

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter16: Retained Earnings And Earnings Per Share
Section: Chapter Questions
Problem 15P: Included in the December 31, 2018, Jacobi Company balance sheet was the following shareholders...
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Using the tabular analysis of business transactions, prepare, in good form, the income statement and balance sheet of IE Company for the year ended December 31, 2022. The balances of specific accounts for IE Company as of December 31, 2021 are presented below. Cash 12,582 Accounts receivable 155,865 Merchandise inventory 184,378 Prepaid asset 30,000 Land 500,500 Building 360,000 Accum. depn. - building 120,000 Equipment 123,200 Accum. depn.- equipment 12,320 Accounts payable 148,756 Accrued expenses 48.732 Short-term loan payable 80,000 240.000 Long-term loan payable Capital stock 500,000 Retained eamings 216,717 The following transactions occurred in 1. IE Company sold merchandise worth P30,000 at 100% margin. The customer paid in cash.
Transcribed Image Text:Using the tabular analysis of business transactions, prepare, in good form, the income statement and balance sheet of IE Company for the year ended December 31, 2022. The balances of specific accounts for IE Company as of December 31, 2021 are presented below. Cash 12,582 Accounts receivable 155,865 Merchandise inventory 184,378 Prepaid asset 30,000 Land 500,500 Building 360,000 Accum. depn. - building 120,000 Equipment 123,200 Accum. depn.- equipment 12,320 Accounts payable 148,756 Accrued expenses 48.732 Short-term loan payable 80,000 240.000 Long-term loan payable Capital stock 500,000 Retained eamings 216,717 The following transactions occurred in 1. IE Company sold merchandise worth P30,000 at 100% margin. The customer paid in cash.
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