Monthly Archives: November 2012

Selected year-end financial statements of McCord Corporation follow

Selected year-end financial statements of McCord Corporation follow. (Note: All sales are on credit; selected balance sheet amounts at December 31, 2004, were inventory, $32,400; total assets, $182,400; common stock, $90,000; and retained earnings, $31,300.) McCORD CORPORATION Income Statement For … Continue reading

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Galley Corp., a merchandiser, recently completed its 2011 operations

Galley Corp., a merchandiser, recently completed its 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 if inventory are on credit, (4) all debits … Continue reading

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Watson Technical Institute (WTI), a school owned by Tom Watson, provides training to individuals who pay tuition directly to the school

Watson Technical Institute (WTI), a school owned by Tom Watson, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2005, follows. … Continue reading

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