Question

The table shows financial data for Purrfect Pets, Inc. as of June 30, Year 3. Accounts...

The table shows financial data for Purrfect Pets, Inc. as of June 30, Year 3. Accounts Receivable $ 421,200 Retained Earnings 119,900 Inventories 58,600 Other Assets 69,600 Accounts Payable 351,200 Equipment 120,500 Cash 734,600 Common Stock 664,100 Notes Payable 269,300 Required: Prepare a balance sheet using these data

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Answer #1

Balance sheet

June 30

Assets Liabilities and stockholder's equity
Current assets Current liabilities
Cash 734600 Account payable 351200
Account receivable 421200 Long term liabilities
Inventories 58600 Notes payable 269300
Total Current assets 1214400 Total Liabilities 620500
Property, plant and equipment Stockholder's equity
Equipment 120500 Common Stock 664100
Other assets 69600 Retained earnings 119900
Total Stockholder;s equity 784000
Total assets 1404500 Total liabilities and stockholder's equity 1404500
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