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Question - XYZ Merchandising uses a periodicThe balance in the inventory account on 12/31/19 is $210,000 inventory system. They report the following accounts and balances on 12/31/19:
Debit
Credit
Cash
$129,000
Account Receivable
100,000
Allowance for Doubtful Accounts
1,000
Inventory balance on 1/1/19
192,000
Purchases
285,000
Equipment
105,000
Accumulated Depreciation
20,000
Account Payable
95,000
Note Payable
30,000
Common Stock
90,000
Retained Earnings 1/1/19
275,000
Sale Revenue
390,000
Operating Expenses
Additional Information: The business has not recorded the annual depreciation for 2019 or an estimate for uncollectible accounts in 2019. The note was issued on 7/1/19 and is a short-term note with an 8% annual interest rate (the principal and interest will be paid in 2020). They have not accrued any interest in 2019. The annual depreciation for the equipment is $10,000. They estimate that 2% of the receivables will not be collected.
Required - Prepare the balance sheet for XYZ Merchandising as of 12/31/19?
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