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The Accountant Prepared the Following List from the Company's Accounting

Question 191

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The accountant prepared the following list from the company's accounting records for the year ended December 31, Year 1:
 Retained Earnings  ?  Prepaid Expenses $50,000 Cash $77,000 Common Stock 400,000 Accounts Payable 50,000 Accounts Receivable 170,000 Sales Revenue 955,000 Interest Income 50,000 Cost of Sales 700,000 Salary Expense 140,000 Land 750,000 Income Tax Expense 20,000 Notes Payable 450,000 Selling Expense 45,000 Inventory 200,000 Salaries Pavable 40,000\begin{array}{lrlr}\text { Retained Earnings } & \text { ? } & \text { Prepaid Expenses } &\$ 50,000 \\\text { Cash } & \$ 77,000 & \text { Common Stock } & 400,000 \\\text { Accounts Payable } & 50,000 & \text { Accounts Receivable } & 170,000 \\\text { Sales Revenue } & 955,000 & \text { Interest Income } & 50,000 \\\text { Cost of Sales } & 700,000 & \text { Salary Expense } & 140,000 \\\text { Land } & 750,000 & \text { Income Tax Expense } & 20,000 \\\text { Notes Payable } & 450,000 & \text { Selling Expense } & 45,000 \\\text { Inventory } & 200,000 & \text { Salaries Pavable } & 40,000\end{array}

-Determine the following amounts for Ben & Terry's Ice Cream.
A) total assets at the end of Year 1
B) total liabilities at the end of Year
C) total equity at the end of Year 1

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