Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

167000_3. $185,000 = $21,300 + X Question 3: Determine the missing amount in the expanded accounting equation for each of the following: Assets = Liabilities

image text in transcribed
image text in transcribed
167000_3. $185,000 = $21,300 + X Question 3: Determine the missing amount in the expanded accounting equation for each of the following: Assets = Liabilities + Com.Stk + Beg. R/E + Revenues - Expenses - Dividends 1. $95,000 = $44,000 + $11,000+ $10,000 + $58,000 - $35,000 - X 2. $135,000 = x + $75,000+ $18,000 + $56,000 - $47,000 - $16,000 3. $250,000 = $182,000 + $ 25,000+ $11,000 + $44,000 - X - $10,000 Question 5: The following account balances were taken from the financial statements of Indirect Cable Inc, as of December 31, 2019 Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Advertising Expense Cash Common Stock Dividends Equipment Land $ 34,000 39,000 8,000 10,100 68,200 69,000 8,900 134,000 163,650 Notes Payable due in 2025 Notes Pa Prepaid Insurance Rent Revenue Retained Earnings, 1/1/19 Salaries & Wages Expense Service Revenue Supplies Unearned Revenue Utilities Expense $ 62,000 3,500 5,000 180,000 23,900 115,400 30,250 19,900 11,800 Calculate the below totals/amounts based on the above account balances Revenues Current Assets Expenses Property. Plant & Equipment Net Income Current Liabilities Retained Earnings 12/31/2019 Long Term Liabilities Please show your work/calculations in the space below

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting An Introduction

Authors: Eddie McLaney, Peter Atrill

2nd Edition

0273655507, 978-0273655503

More Books

Students also viewed these Accounting questions

Question

3. What would you do now if you were Mel Fisher?

Answered: 1 week ago

Question

14.3 Explain WHMISlegislation.

Answered: 1 week ago