A company had the following account balances at the end of its first year of operations. Find the missing amounts.
|Inventory||400||Property and equipment||1200|
|Accounts payable||500||Salaries payable||800|
|Common Stock||1475||Retained earnings||525|
|Click Here to View All Chapter 4 Problems at Once||View|
|1||Closing Journal Accounts||Easy|
|3||Effect on the Current Ratio||Easy|
Solving for Missing Amounts
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|7||Year End Closing & Account Classification||Hard|