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Listed Below in Alphabetical Order Are the Balance Sheet Items

question 103

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Listed below in alphabetical order are the balance sheet items of Middleton Company at December 31, 2022. Prepare a balance sheet and include a complete heading.  Accounts payable $21,000 Accounts receivable 15,000 Buildings 91,000 Cash 6,000 Equipment 17,000 Owner’s Capital 108,000\begin{array}{lr}\text { Accounts payable } & \$ 21,000 \\\text { Accounts receivable } & 15,000 \\\text { Buildings } & 91,000 \\\text { Cash } & 6,000 \\\text { Equipment } & 17,000 \\\text { Owner's Capital } & 108,000\end{array}

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Definitions:

Direct Labor

The work contributed by employees who are directly involved in the manufacturing process of a product.

Indirect Materials

Supplies used in the production process but not directly traceable to a finished product, such as lubricants for machinery.

Direct Materials

Raw materials that are directly traceable and allocable to the production of specific goods or services.

Raw Materials

Basic substances in their natural, modified, or semi-processed state, used as inputs to a production process for subsequent modification or transformation into finished goods.

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