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The following accounts and balances were drawn from the records of Shearer Company at December

The following accounts and balances were drawn from the records of Shearer Company at December 31, 2016: Cash .................. $22,100 Land .................. 43,000 Insurance expense ............. 2,500 Dividends ................ 5,000 Prepaid insurance ............ 3,500 Accounts payable ............. 15,000 Supplies ................. 2,100 Supplies expense ............. 1,000 Rent expense ............... 3,500 Accounts receivable ............ $21,000 Cash flow from operating act. ....... 8,600 Beginning retained earnings ......... 47,200 Beginning common stock ......... 5,500 Service revenue .............. 86,000 Cash flow from financing act. ........ 9,000 Ending common stock .......... 14,500 Cash flow from investing act. ........ (6,000) Other operating expenses ......... 59,000 Required Use the accounts and balances from Shearer Company to construct an income statement, statement of changes in stockholders’ equity, balance sheet, and statement of cash flows (show only totals for each activity on the statement of cash flows).

Apr 12 2020 View more View Less

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