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Kazaam Company, a merchandiser, recently completed its calendar-year 2011 operations. For the year,all sales are credit sales, all credits to Accounts Receivable reflect cash receipts from customers,all purchases of inventory are on credit, all debits to Accounts Payable reflect cash payments for inventory, and Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's balance sheets and income statement follow.
The loss on the cash sale of equipment was $5,750 (details in b).
Sold equipment costing $47,250, with accumulated depreciation of $29,875, for $11,625 cash.
Purchased equipment costing $99,750 by paying $25,000 cash and signing a long-term note payable for the balance.
Borrowed $2,000 cash by signing a short-term note payable.
Paid $55,750 cash to reduce the long-term notes payable.
Issued 2,450 shares of common stock for $20 cash per share.
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show workdecember 3120122011cash3350013000accounts
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kazaam company a merchandiser recently completed its calendar-year 2011 operations. for the year 1 all sales are credit
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