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x NG The following is an exam x Chapter 1 HW c eztomheducation.com/hmatpx Chapter 1Hw Questions 8-10 (of 23 E-4 Completing aBalance sheet and Inferring Net Income LLO 12, LOI-3) [The following information opples to the questions displayed below Ken Young and Kum Sherwood organized Reader Direct as a corporation each contributed $50000 cash to start the business and recerved 4.000 shares of stock. The store completed first year of operations on December 31, 2014. On that date, the following financ tems for the year were determined cash on hand bank, $45.500, amounts due from customers from soles of books,$28.000 equipment, $49,000; amounts owed to publishers for books s8,500; one-year note payable to a local bank for $4500. No dividends were declared or pald to the stockholders during the year. References Section Break E14 Completing a Balance Sheet and Inferring Net income LLO 12. LO 13 8. 0.50 points E1-4 Part 1

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