The December 31, 2007, balance sheet of Greenville, Inc. is presented below: Greenville, Inc. Balance sheet December 31, 2007 Cash $ 5,000 Accounts Receivable 2,000 Raw Materials (500 x $8) 4,000 Finished Goods (1,000 x $14) 14,000 Fixed Assets 25,000 Accumulated Depreciation (5,000) Total Assets $ 45,000 Accounts Payable* Bonds Payable Total Liabilities Common Stock Retained Earnings Total SE Total Liabilities & SE $ 5,000 20,000 25,000 5,000 15,000 20,000 $ 45,000 *($4,000 from raw materials…
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