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round 1
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Question 2088:

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XYZ Corp acquired a good for $8 in a previous period, held it in inventory for two periods, and sold it to a customer for $10 in this period. The customer will pay the $10 in a future period. XYZ Corp's balance sheet at the beginning of this period is shown below. Change all the numbers (if any) on the balance sheet to show the effect of the $10 sale on the balance sheet at the end of the period.


Cash Accounts Payable
Accounts Receivable Other Current Liabilities
Inventory Long-Term Debt
Equipment: Original Cost Paid-In Capital
Equipment: Depreciation Retained Earnings

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