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3. The following items are taken from the financial statements of the XYZ Company for the year ending December 31, 2012: Accounts payable Accounts receivable
3. The following items are taken from the financial statements of the XYZ Company for the year ending December 31, 2012: Accounts payable Accounts receivable Accumulated depreciation- equipment Advertising expense Cash Owner's capital (January 01, 2012) Owner's drawings Depreciation expense Insurance expense Note payable, (due 30 June 2013) Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense Equipment $19,000 11,000 28,000 21,000 11,000 105,000 14,000 12,000 3,000 70,000 6,000 17,000 32,000 125,000 4,000 6,000 210,000 (i) What are total current assets at December 31, 2012? a. $26,000 b. $28,000 c. $32,000 d. $38,000 (i) What are total long-term liabilities at December 31, 2012? a. $0 b. $19,000 c. $70,000 d. $89,000
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