This short exercise works with Short Exercise. Franklin Sports Authority purchased inventory costing $5,000 by signing an 8% short-term note payable. The purchase occurred on September 30, 2010. Franklin pays annual interest each year on September 30.1. Refer to the data in Short Exercise. Show what the company would report on its balance sheet at June 30, 2011, and on its income statement for the year ended on that date.2. What single item will the financial statements for the year ended June 30, 2012, report? Identify the financial statement, the item, and its amount.View Solution:
This short exercise works with Short Exercise Franklin Sports A

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