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From the following grouping of accounts and numbers complete an Income Statement and Balance Sheet...

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Accounting

From the following grouping of accounts and numbers complete an Income Statement and Balance Sheet in proper form:

Utilities 500
Payroll 2,000
Cost of Goods Sold 7,000
Accounts Payable 6,000
Sales 14,000
Inventory 8,000
Rent 1,500
Accounts Receivable 6,000
Commissions 500
Allowance for Doubtful Accounts 2,500
Buildings 250,000
Dues and Subscriptions 250
Equipment 90,000
Employee Benefits 1,000
Retained Earnings 48,550
Accumulated Depreciation 200,000
Wages Payable 1,200
Depreciation 500
Payroll Taxes Payable 750
Advertising 800
Notes Payable 30,000
Insurance 1,000
Interest 400
Cash 10,000

Long Term Debt 75,000

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