1-What is the cash amount reported on the December 31, 2020 Balance Sheet?

2-What are total liabilities on the 2020 Balance Sheet?

3-What is the December 31 adjusting entry related to the March 1 signing of the lease?

4-What is the journal entry to close out expenses?

5-What is 2020 Net Income (Loss)?

6-What is end of year equity?

7-What is the journal entry on October 1 related to dividends?

8-What are total revenues?

Use the following information for questions 2330 regarding ABC Co. in 2020 [assume this is the rst year of operations for ABC Co., and assume ABC pays cash unless noted otherwise, even if it results in ABC having a credit balance in cash): 1/1 Issued 60,000 shares of common stock for $1 each 2M Paid $140,000 for equipment with a 10-year useful life. Depreciation in the year was $14,000. 3M Signed a 1-year factory lease, paying full amount of $48,000 upfront 3I15 Delivered services to client and bill in full for $275,000 [client will pay at a later date) 5\" Purchased $20,000 worth of supplies on credit. By 12/31 $5,000 of supplies are left 6/1 Received $180,000 in advance payment from a client for services that will be performed by ABC Co. later Bil Performed $100,000 of services that the client paid for on 611 10M Declared and paid $30,000 in dividends 11f1 Purchased $120,000 in inventory 1211 Pay $6,000 of the 5;'1 purchase of supplies