Solution 00 points Kazaam Company a merchandiser recently completed its calendar year 2011 operations For the year 1 all sales are credit sales 2 all
Solution points Kazaam Company a merchandiser recently completed its calendar year operations For the year all
Solution points Kazaam Company a merchandiser recently completed its calendar year operations
a merchandiser recently completed its calendar year operations For the year all sales are credit sales all
Solution points Kazaam Company a merchandiser recently completed its calendar
year operations For the year all sales are credit sales all
Solution points Kazaam Company a merchandiser recently completed
Solution points Kazaam Company
(Solution) 00 points Kazaam Company, a merchandiser, recently completed its calendar-year 2011 operations. For the year, (1) all sales are credit sales, (2) all...

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please answer attached doc, thanks10.00 points Kazaam Company, a merchandiser, recently completed its calendar-year 2011 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company’s balance sheets and income statement follow. KAZAAM COMPANY Comparative Balance Sheets December 31, 2011 and 2010 2011 2010 Assets Cash $ 49,200 $ 74,000 Accounts receivable 65,810 55,000 Merchandise inventory 276,000 251,000 Prepaid expenses 1,500 1,900 Equipment 159,000 107,500 Accum. depreciation— Equipment (35,750) (46,000) Total assets $ 515,760 $ 443,400 Liabilities and Equity Accounts payable $ 59,835 $ 112,000 Short-term notes payable 10,000 6,000 Long-term notes payable 70,000 49,000 Common stock, $5 par value 162,250 150,250

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