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Question - You are the accountant for ABC Biz, a small enterprise that sells widgets.
The accounting records for the business after their first year of operations (30 June 2020) are as follows:
Sales 71077
Cost of goods sold 34679
Interest expense 18582
Electricity expense 17776
Rent expense 18212
Wages expense 20113
Accrued expense 27856
Cash 24581
Accounts receivable 32326
Inventory 36037
Accounts payable 16981
Bank loan due 30 June 2022 22341
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