Question
A service business had the following account balances on December 31, 2020 after all the year-end adjusting entries were posted. All accounts have normal balances.
A service business had the following account balances on December 31, 2020 after all the year-end adjusting entries were posted. All accounts have normal balances.
| General Ledger Accounts | Balances |
| Accounts receivable | 6,000 |
| Supplies | 3,000 |
| Accounts payable | 2,000 |
| Accumulated depreciation | 4,000 |
| Bank loan payable | 30,000 |
| Cash | 4,000 |
| Equipment | 22,000 |
| Land | 5,000 |
| Prepaid insurance | 2,000 |
What is total current assets in dollars $______?
What is total property, plant and equipment in dollars $______?
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Advanced Management Accounting Pearson New International
Authors: Robert Steven Kaplan, Anthony A. Atkinson
3rd Edition
1292026596, 978-1292026596
