ACC- The Weikart Company
The Weikart Company had the following items on its December 31, 20X0, balance sheet and 20X0 income statement (in dollars except for number of shares outstanding):Cash and equivalent $55,000Revenues 800,000Notes payable 51,000Long-term debt, excluding current portion 210,000Accounts receivable, net 48,000Provision for income taxes 60,000Other long-term assets 110,000Interest expense 55,000Deferred income tax liability-long-term 44,000Retained earnings 204,000Income taxes payable 37,000Cost of sales 470,000Inventories 36,000Prepaid…
1. Prepare in proper for from December 31, 20X0, balance sheet and the 20X0 income statement for Weikart Company. Include the proper amount for additional paid in capital.
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