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Question - Using the following alphabetical list of accounts, prepare the Income Statement, Statement of Retained Earnings, and Classified Balance Sheet for Best Company, Inc. The company started business on January 1, 2020 and would like the reports prepared for their first year of operations, which ended on December 31, 2020.
Accounts Payable
$25,000
Accounts Receivable
65,000
Accumulated Depreciation - Building
40,000
Accumulated Depreciation - Equipment
13,000
Advertising Expense
Building
200,000
Cash
50,000
Common Stock
100,000
Depreciation Expense - Building
Depreciation Expense - Equipment
Dividends
Equipment
75,000
Insurance Expense
80,000
Interest Expense
15,000
Land
70,000
Notes Payable - due in 6 years
190,000
Office Supplies
10,000
Office Supplies Expense
12,000
Prepaid Insurance
53,000
Salaries Expense
425,000
Salaries Payable
5,000
Service Revenue
850,000
context corporation reports the following components of stockholders equity on december 31 2011. common stock-10 par
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