Use the Following Accounts and Information to Prepare,in Good Form,an

question 161

Essay

Use the following accounts and information to prepare,in good form,an income statement,statement of retained earnings,and balance sheet for Cray Enterprises for the year ended December 31,2010.
$\begin{array}{lrlr}\text { Accounts Payable } & \$ 4,800 & \text { Land } & \$ 39,000 \\\text { Accounts Receivable } & 600 & \text { Notes Payable } & 6,000 \\\text { Buildings } & 52,000 & \text { Rent Expense } & 3,600 \\\text { Cash } & 26,200 & \text { Retained Earnings, } & 84,400 \\& & \text { December 31, 2009 } \\\text { Commissions Earned } & 19,000 & \text { Salaries Expense } & 8,400 \\\text { Common Stock } & 20,000 & \text { Supplies } & 400 \\\text { Dividends } & 3,000 & & \\\text { Insurance Expense } & 1,000 & &\end{array}$

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Definitions:

World Trade

The exchange of goods, services, and capital between countries and territories across the globe.

Different Sizes

A term denoting a variety in the scale or dimension of objects, entities, or quantities.

Trade

The exchange of goods, services, or both, between two or more parties.

Corn

A large grain plant native to the Americas, grown for its edible kernels.