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Calcualte the net income and total assets

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Reference no: EM132319133

Question

The Gallow Company Records these journal entries:

Issue Common Stock for Cash $40

Accrued Revenue $12

Earned portion of Unearned Revenue $17

Indicate the net effect of these journal entries on the following items. Indicate the dollar amount of the effect and the direction of the effect. (Example: $13 Increase, or $8 Decrease, or NO EFFECT)

a) Net Income

b) Total Assets

c) Total Liabilities

d) Retained Earnings

e) Total Equity

f) Working Capital

Reference no: EM132319133

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