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ACCT/382 ACCT382 ACCT 382 Week 3 Chapter 3 Homework Question 7

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ACCT 382 Week 3 Chapter 3 Homework Question 7 There may be chances that the figures given in our question and your question doesn’t matches. Don’t worry, we are here to help you. Just write to us at studentwhiz@gmail.com and your answer is with you in no time. Question 7 The 2013 balance sheet for Hallbrook Industries, Inc., is shown below. HALLBROOK INDUSTRIES, INC. Balance Sheet December 31, 2013 ($ in 000s) Assets Cash $ 200 Short-term investments 150 Accounts receivable 200 Inventories 350 Property, plant, and equipment (net) 1,000 Total assets $ 1,900 Liabilities and Shareholders’ Equity Current liabilities $ 400 Long-term liabilities 350 Paid-in capital 750 Retained earnings 400 Total liabilities and shareholders’ equity $ 1,900 The company’s 2013 income statement reported the following amounts ($ in 000s): Net sales $ 4,600 Interest expense 40 Income tax expense 100 Net income 160

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