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Yang Company Reported the Following Balance Sheet for the End

question 83

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Yang Company reported the following balance sheet for the end of 2012: Yang Company reported the following balance sheet for the end of 2012:    During 2013, Yang reported the following transactions: • Repaid $8,000 to a local bank on a note payable • Provided services to clients for $26,400 cash • Paid operating expenses of $19,200 • Paid $3,500 cash dividends to stockholders Required: Prepare Yang Company's balance sheet as of December 31, 2013.
During 2013, Yang reported the following transactions:
• Repaid $8,000 to a local bank on a note payable
• Provided services to clients for $26,400 cash
• Paid operating expenses of $19,200
• Paid $3,500 cash dividends to stockholders
Required:
Prepare Yang Company's balance sheet as of December 31, 2013.

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Definitions:

HDC

Holder in Due Course, a term in negotiable instruments law referring to someone who has acquired a negotiable instrument in good faith for value, with certain protections.

Promissory Note

A financial instrument containing a written promise by one party to pay another party a definite sum of money at a specified future date or on demand.

Illegal Transaction

A deal or exchange that violates state or federal laws and is therefore void and unenforceable.

Russia

A country extending over much of northern Eurasia, with a complex history, rich culture, and significant influence in global affairs.

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