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  • Assume That You Are The President of Arkur Corporation at

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    M Bilal Saleem
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    Arkur Corporation's financial data for June 30, 2010 includes $13,150 in cash, $9,500 in receivables, $27,000 in inventory, $66,000 in equipment, $31,500 in accounts payable, and $1,500 in salary payable. Total sales were $100,000 with expenses of $70,500. Shareholders contributed $62,000 in capital. Financial statements need to be prepared including an income statement, statement of retained earnings, and balance sheet.

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    Assume That You Are the President of Arkur Corporation At

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    Arkur Corporation's financial data for June 30, 2010 includes $13,150 in cash, $9,500 in receivables, $27,000 in inventory, $66,000 in equipment, $31,500 in accounts payable, and $1,500 in salary payable. Total sales were $100,000 with expenses of $70,500. Shareholders contributed $62,000 in capital. Financial statements need to be prepared including an income statement, statement of retained earnings, and balance sheet.

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    4 views1 page

    Assume That You Are The President of Arkur Corporation at

    Uploaded by

    M Bilal Saleem
    Arkur Corporation's financial data for June 30, 2010 includes $13,150 in cash, $9,500 in receivables, $27,000 in inventory, $66,000 in equipment, $31,500 in accounts payable, and $1,500 in salary payable. Total sales were $100,000 with expenses of $70,500. Shareholders contributed $62,000 in capital. Financial statements need to be prepared including an income statement, statement of retained earnings, and balance sheet.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Assume that you are the president of Arkur Corporation At

    Assume that you are the president of Arkur Corporation. At the end of the first year (June 30,
    2010) of operations, the following financial data for the company are available:Cash
    ............................ $13,150Receivables from customers (all considered collectible) ........
    9,500Inventory of merchandise (based on physical count and priced at cost) ..
    27,000Equipment owned, at cost less used portion ............ 66,000Accounts payable owed to
    suppliers ............... 31,500 Salary payable for 2010 (on June 30, 2010, this was owed to an
    employee who was away because of an emergency; will return around July 7, 2010,at which
    time the payment will be made) .............. 1,500Total sales revenue ...................... 100,000
    Expenses, including the cost of the merchandise sold(excluding income taxes) .....................
    70,500Income taxes expense at 30% × pretax income; all paid during 2010 ... ?Contributed
    capital, 5,000 shares outstanding ............. 62,000No dividends were declared or paid during
    2010.Required (show computations):Using the financial statement exhibits in the chapter as
    models:1. Prepare a summarized income statement for the year ended June 30, 2010.2.
    Prepare a statement of retained earnings for the year ended June 30, 2010.3. Prepare a
    balance sheet at June 30, 2010.View Solution:
    Assume that you are the president of Arkur Corporation At
    SOLUTION-- http://expertanswer.online/downloads/assume-that-you-are-the-president-of-arkur-
    corporation-at/

    See Answer here expertanswer.online


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