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1. Using the data presented below, prepare an, income statement, balance sheet and equity statement. Make any necessary assumptions.
Accumulated depreciation.$12
Beginning inventory..10
Cost of goods manufactured.50
Common stock.16
Current assets..32
Depreciation expense. 5
Dividends.. 3
Ending inventory. 20
Equipment 50
Income tax expense. 6
Liabilities. 33
Operating expenses. 30
Retained earnings 15
Sales90
2. Using the data presented below, prepare an, income statement, balance sheet and equity statement. Make any necessary assumptions.
Assets$40 Liabilities.. 10
Common stock.. 5 Retained earnings.. 15
Dividends.. 1 Revenues. 20
Expenses.. 9
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