Homes Company reported the following data at the end of its first year of operations...
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Accounting
Homes Company reported the following data at the end of its first year of operations on December 31.
Cash $ 14,000
Accounts receivable 15,000
Equipment 17,000
Land 58,000
Accounts payable 11,000
Common stock 55,000
Dividends 30,000
Net income 68,000
a) Prepare its year-end statement of retained earnings.
(b) Prepare its year-end balance sheet, using retained earnings calculated in part a.
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