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QUESTION
On December 31, Allen Company had the following list of account balances.
On December 31, Allen Company had the following list of account balances.
Accounts Payable$30,400Drawing$11,200Accounts Receivable41,300Equipment52,500Accumulated Depreciation, Buildings43,700Prepaid Rent12,600Accumulated Depreciation, Equipment14,200Rent Expense3,900Beginning Capital104,400Salaries Expense9,500Buildings90,000Salaries Payable6,300Cash59,700Service Revenue118,600Depreciation Expense, Buildings9,900Supplies21,500Depreciation Expense, Equipment1,200Supplies Expense4,300Required:
need to Prepare a balance sheet on December 31.
Hint: You will need to determine the net book value for equipment and buildings. You will also need to determine ending capital.
