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Create a paragraph describing the financial condition of Valley Stream Corporation as of September 30,...

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Accounting

  1. Create a paragraph describing the financial condition of Valley Stream Corporation as of September 30, 2024, utilizing the following balances. Then, calculate the total assets and total liabilities.

Valley Stream Corporation presents a robust financial position as of September 30, 2024. With debit balances including ?20,000 in cash, ?30,000 in accounts receivable, ?65,000 in inventory, and ?140,000 in equipment, the total assets amount to ?255,000. On the credit side, accounts payable total ?50,000, and the bank loan stands at ?110,000, resulting in total liabilities of ?160,000.

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