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Use the following financial statements and additional information. SMITH INC Comparative Balance Sheets June 30, 2017 and 2016 15 points 2017 2016 Assets Cash $116,500 60,500 53,000 88,000 5,500 207,000 127,000 118,000 68,000 63,000 4,400 251,900 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total curzent liabilities Notes payable (long term) Total 1iabilities Equity Common stock, $5 par value Retained earnings Total 1iabilities and equity eBook (33,000) (11-000) Ask $345,900 $314,000 S 26,00032,000 16,000 4,000 52,000 65,000 Print 6,000 3,600 35,600 33.000 65 000 68,600 117,000 References 240,000170,000 27,000 37,300 $345,900 $314,000 SMITB INC. Income Statement ox Year Ended June 30, 2017 Sales Cont of goods sold Gross profit Operating expenses $685,000 419,000 266,000 Depreciation expense Other expenses $60,000 68,000 Use the following financial statements and additional information. SMITH INC Comparative Balance Sheets June 30, 2017 and 2016 15 points 2017 2016 Assets Cash $116,500 60,500 53,000 88,000 5,500 207,000 127,000 118,000 68,000 63,000 4,400 251,900 Accounts receivable, net Inventory Prepaid expenses Total current assets Equipment Accum. depreciation-Equipment Total assets Liabilities and Equity Accounts payable Wages payable Income taxes payable Total curzent liabilities Notes payable (long term) Total 1iabilities Equity Common stock, $5 par value Retained earnings Total 1iabilities and equity eBook (33,000) (11-000) Ask $345,900 $314,000 S 26,00032,000 16,000 4,000 52,000 65,000 Print 6,000 3,600 35,600 33.000 65 000 68,600 117,000 References 240,000170,000 27,000 37,300 $345,900 $314,000 SMITB INC. Income Statement ox Year Ended June 30, 2017 Sales Cont of goods sold Gross profit Operating expenses $685,000 419,000 266,000 Depreciation expense Other expenses $60,000 68,000

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