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 |
| Unearned rent | 3,000 |
| Accounts payable | 2,000 |
| Accumulated depreciation | 4,000 |
| Bank loan payable | 30,000 |
| Cash | 4,000 |
| Wages payable | 22,000 |
| Land | 5,000 |
| Prepaid insurance | 2,000 |
Additional Information: Of the bank loan payable, $5,500 will be repaid within one year of the balance sheet date.
Fill in the blanks. Enter dollar amount.
What is total current liabilities in dollars $______?
What is total liabilities in dollars $______?
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Auditing An International Approach
Authors: Bahram Soltani
1st Edition
9780273657736
