Balance sheet preparation

Balance sheet preparation 

P2. Balance sheet preparation Use the appropriate items from the following list to prepare in good form Owen Davis Company’s balance sheet at December 31, 2009.

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ItemValue ($000) at December 31, 2009ItemValue ($000) at December 31, 2009
Accounts payable$ 220Inventories$ 375
Accounts receivable450Land100
Accruals55Long-term debt420
Accumulated depreciation265Machinery420
Buildings225Marketable securities75
Cash215Notes payable475
Common stock (at par)90Paid-in capital in excess of par360
Cost of goods sold2,500
Depreciation expense45Preferred stock100
Equipment140Retained earnings210
Furniture and fixtures170Sales revenue3,600
General expense320Vehicles25

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