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Mustang Motors. has the following assets, liabilities, revenues and expenses for the current year. The...

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Accounting

Mustang Motors. has the following assets, liabilities, revenues and expenses for the current year. The accounts are listed below in alphabetical order. The company has a December 31st year end.

Accounts receivable

$27,000

Office equipment

$59,500

Accounts payable

38,500

Office supplies

5,000

Building

45,000

Service revenue

102,000

Cash

60,000

Supplies expense

8,000

Commission expense

24,500

Utilities expense

18,500

Common stock

42,500

Wage expense

65,500

Interest payable

10,800

Deferred revenue

8,200

Land

40,000

Beginning retained earnings was $154,000 and dividends were $3,000 for the year. Prepare the balance sheet for the current year.

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