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    Format a balance sheet and income statement

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    A1. (Balance sheet and income statement) Johnson's Scuba Co. has a weird accountant who
    reported the balance sheet and income statement items in alphabetical order. Please put
    these items in the correct format for a balance sheet and income statement for Johnson's
    Scuba Co. for the year ending January 31. All of the data are in thousands of dollars.

    Accounts payable 500
    Accounts receivable 700
    Addition to retained earnings 400
    Cash and equivalents 300
    Common stock 500
    Cost of goods sold 2,000
    Depreciation 200
    Dividends on common shares 100
    Earnings before interest and taxes 800
    Earnings before taxes 750
    Gross profit 2,000
    Interest expense 50
    Inventories 500
    Long-term debt 1,000
    Net income 500
    Net plant and equipment 3,000
    Notes payable 250
    Other current liabilities 400
    Retained earnings 1,850
    Sales 4,000
    Selling, general, and administrative expenses 1,000
    Taxes 250
    Total assets 4,500
    Total current assets 1,500
    Total liabilities and equity 4,500
    Total current liabilities 1,150
    Total liabilities 2,150

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    Solution Summary

    The solution explains how to prepare a balance sheet and income statement from the given account balances