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The following list of balance sheet items are in random order for Alexander Farms Inc at September 30, current year Instructions Prepare a balance sheet by using these items and computing the

The following list of balance sheet items are in random order for Alexander Farms, Inc., at September 30, current year. Instructions a. Prepare a balance sheet by using these items and computing the amount for Retained Earnings. Use a sequence of assets similar to that illustrated in Exhibit 2-10. (After "Barns and Sheds," you may list the remaining assets in any order.) Include a proper heading for your balance sheet. b. Assume that on September 30, immediately after this balance sheet was prepared, a tornado completely destroyed one of the barns. This barn had a cost of $14,000 and was not insured against this type of disaster. Explain what changes would be required in your September 30 balance sheet to reflect the loss of this barn.

May 22 2020 View more View Less

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