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  • John Clay Organized Clay Company As A Sole Proprietorship On

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    Muhammad Shahid
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    John Clay organized Clay Company as a sole proprietorship in January 2010. According to the financial data provided for January 2010, the company had service revenue of $130,000 and expenses of $80,000 for other expenses and $15,000 for wages. The company had $30,000 in cash, $15,000 in accounts receivable, $42,000 in supplies, and $26,000 in accounts payable. The company will be able to pay its liabilities based on the cash and accounts receivable on hand exceeding the accounts payable.

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    John Clay organized Clay Company as a sole proprietorship in January 2010. According to the financial data provided for January 2010, the company had service revenue of $130,000 and expenses of $80,000 for other expenses and $15,000 for wages. The company had $30,000 in cash, $15,000 in accounts receivable, $42,000 in supplies, and $26,000 in accounts payable. The company will be able to pay its liabilities based on the cash and accounts receivable on hand exceeding the accounts payable.

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    7 views1 page

    John Clay Organized Clay Company As A Sole Proprietorship On

    Uploaded by

    Muhammad Shahid
    John Clay organized Clay Company as a sole proprietorship in January 2010. According to the financial data provided for January 2010, the company had service revenue of $130,000 and expenses of $80,000 for other expenses and $15,000 for wages. The company had $30,000 in cash, $15,000 in accounts receivable, $42,000 in supplies, and $26,000 in accounts payable. The company will be able to pay its liabilities based on the cash and accounts receivable on hand exceeding the accounts payable.

    Copyright:

    © All Rights Reserved
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    John Clay organized Clay Company as a sole

    proprietorship on #6971
    John Clay organized Clay Company as a sole proprietorship on January 1, 2010. At the end of
    January2010, the following monthly financial data are available:Service Revenue
    ........................................................................... $130,000Other Expenses
    ............................................................................... 80,000Wages Expense
    ............................................................................... 15,000Cash
    ................................................................................................... 30,000Accounts Receivable from
    Customers ............................................................ 15,000Supplies
    ........................................................................................ 42,000Accounts Payable (to suppliers
    for merchandise purchased during the month) ...... 26,000J. Clay, Capital
    ................................................................................ 26,000John Clay made no withdrawals
    during January.Required:1. Using formats from the chapter, prepare an income statement,
    statement of owner's equity, and balance sheet for the month of January, including appropriate
    headings.2. Discuss whether Clay Company will be able to pay its liabilities.View Solution:
    John Clay organized Clay Company as a sole proprietorship on

    ANSWER
    http://paperinstant.com/downloads/john-clay-organized-clay-company-as-a-sole-proprietorship-
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