1. (6 points) Chevy Chase Corporation

The accountant for Chevy Chase Corporation prepared the following list from the company's accounting records for the year ended December 31, 2019:

Owners Equity, beginning balance (Jan. 1, 2019)	136,000		Prepaid Rent	10,000
Cash	30,000		Accounts Payable	40,000
Accounts Receivable	60,000		Interest Expense	16,000
Sales Revenue	540,000		Wages Expense	85,000
Cost of Goods Sold	325,000		Income Tax Expense		25,000
Machinery	200,000		Advertising Expense	30,000
Wages Payable	20,000		Note Payable	180,000
Inventory	35,000
Land	100,000

Note: Prepaid Rent is a current asset. No owners withdrawals or owner investments were made.

Required:

Determine the following amounts for Chevy Chase Corporation:

A. Total assets at the end of 2019.

B. Total liabilities at the end of 2019.

C. Total owners equity at the end of 2019. (think about this one)

D. Total Revenues for 2019.

E. Total Expenses for 2019.

F. Net Income for 2019.