The following accounts and balances were taken from the financial statements of Books & Media,…

The following accounts and balances were taken from the financial statements of Books & Media,…

The following accounts and balances were taken from the financial statements of Books & Media, Inc. For each item, identify the financial statement(s) on which the item would appear. Then, identify each balance sheet item as an asset, a liability, or a shareholders’ equity account. Inventory ………… $ 81,250 Accounts payable ……….. 52,300 Cash ……………. 77,880 Short-term notes payable …….. 32,200 Net cash from investing activities …. 49,300 Building ………….. 76,475 Common stock ……….. 105,000 Retained earnings ………. 63,000 Net cash from financing activities ….. 21,080 Accounts receivable ……… 44,270 Long-term mortgage payable …… 54,000 Taxes payable ………… 1,500 Net cash from operating activities …. 34,350

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