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ECON 102 Chapter 2 Homework
- Course
- Econ 102
- Institution
- Queens College
ECON 102 HW Chap 2 Basic Financial Statements
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1. Listed in random order are the items to be included in the balance sheet of RockyMountain Lodge at December 31, year 1.
2.
a. Compute the amount to be shown for retained earnings.
b. Prepare a balance sheet at December 31, year 1
c. Assume that no payment is due on the notes payable until year 3. Does this
balance sheet indicate that the company is in a strong financial position as of
December 31, year 1?
a.
, b.
c.
2. Maxwell Communications was organized on December 1 of the current year and had the
following account balances at December 31, listed in tabular form.
Early in January, the following transactions were carried out by Maxwell Communications.
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