Complete the balance sheet at December

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Problem - Ken Young and Kim Sherwood organized Reader Direct as a corporation; each contributed $60,025 cash to start the business and received 4,900 shares. The store completed its ?rst year of operations on December 3'1, 2017. On that date, the following ?nancial items for the year were determined: cash on hand and in the bank, $52,450; amounts due from customers from sales of books, $32,750; property and equipment, $68,250; amounts owed to publishers for books purchased. $10,700; one-year note payable to a local bank for $6,900. No dividends were declared or paid to the shareholders during the year.

Required - Complete the balance sheet at December 31, 2017?

Reference no: EM132672775

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