Use the data in Starter 5-13 to prepare Dawson Communications’ classified at December 31, 2017. Use the report format with all headings. Assume that net income is closed to the capital account.
In Starter 5-13
Suppose Dawson Communications uses the perpetual inventory system and reported these figures in its December 31, 2017, financial statements:
Accounts payable ……………………………………. $ 8,000
Accounts receivable …………………………………… 5,600
Accrued liabilities ……………………………………… 3,200
Cash ………………………………………………………… 7,600
Cost of goods sold………………………………….. 40,000
Equipment, net……………………………………….. 17,400
Inventory ……………………………………………………. 800
Long-term notes payable ……………………………. 1,800
Net sales revenue …………………………………… 100,000
Total operating expenses………………………….. 37,000
V. Dawson, capital………………………………….. 18,400
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