ACC 280 / XACC 280
Axia College of University of Phoenix (UoP)
Principles of Accounting
Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2008). Financial Accounting (6th ed.). Hoboken, NJ: Wiley.
ACC 280 / XACC 280 Solution
Help in ACC 280
Help in XACC 280
Exercise 1-13 (E1-13) After analyzing the data, prepare an income statement and a retained earnings statement for the year ending December 31, 2008.
Mary Close is the bookkeeper for Mendez Company. Mary has been trying to get the balance sheet of Mendez Company to balance. Mendez’s balance sheet is shown on page 37.
MENDEZ COMPANY
Balance Sheet
December 31, 2008
Assets Liabilities Cash $15,000 Accounts payable $20,000 Supplies 8,000 Accounts receivable (8,500) Equipment 46,000 Common stock 50,000 Dividends 10,000 Retained earnings 17,500 Total assets $79,000 Total liabilities and stockholders’ equity $79,000
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