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Balance Sheet Problem Example: Comet Inc. reported the following assets, liabilities, and stockholders' equity accounts...

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Balance Sheet Problem Example: Comet Inc. reported the following assets, liabilities, and stockholders' equity accounts for the year ended December 31, 2019: Wages payable $ 70,000 Prepaid insurance 25,000 Accounts receivable 88,000 Common stock 625,000 Cash 55,000 Inventory 82,000 Buildings 750,000 Accounts payable 130,000 Long-term notes payable 250,000 Paid-in capital in excess of par value 25,000 Accumulated depreciation, building 50,000 Land 550,000 Retained earnings 400,000 Required: Prepare a classified balance sheet in good form

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