ACCT 201 Case Fall 2020 Question 4: Identify the normal balance for each of the following accounts: Cash Unearned Revenue Service Revenue Building Supplies Salaries Expense Accounts Receivable Accounts Payable Common Stock Rent Revenue Question 5: The following account balances were taken from the financial statements of Indirect Cable Inc. as of December 31, 2020. Accounts Payable $ 25,000 Notes Payable due in 2025 $ 12,800 Accounts Receivable 42,000 Prepaid Insurance 3,900 Accumulated Depreciation - Equipment 6,000 Rent Revenue 5,700 Advertising Expense 3,400 Retained Earnings, 1/1/20 40,600 Cash 15,500 Salaries & Wages Expense 34,900 Common Stock 44,000 Service Revenue 49,100 Dividends 2,300 Supplies 12,000 Equipment 15,500 Unearned Revenue 5,500 Land 52,000 Utilities Expense 7,200 Calculate the below totals/amounts based on the above account balances. Revenues Current Assets Expenses Property, Plant & Equipment Net Income Current Liabilities Retained Earnings 12/31/2020 Long Term Liabilities Please show your work/calculations in the space below: $47,000 = X + $21,600 3. $315,000 = $65,000 + X Question 3: Determine the missing amount in the expanded accounting equation for each of the following: Assets = Liabilities + Com.S+k+ Beg. R/ERevenues - Expenses - Dividends 1. $74,000 = $64,000 + $9,000 - $10,000 + $60,000 - $35,000 - X 2. $128,000 = + $65,000+ $20,000 + $65,000 - $36,000 - $28,000 3. $200,000 = $143,000 + $18,000 + $23,000 + $44,000 - - $15,000 ACCT 201 Case Fall 2020 Question 4: Identify the normal balance for each of the following accounts: Cash Unearned Revenue Service Revenue Building Supplies Salaries Expense Accounts Receivable Accounts Payable Common Stock Rent Revenue Question 5: The following account balances were taken from the financial statements of Indirect Cable Inc. as of December 31, 2020. Accounts Payable $ 25,000 Notes Payable due in 2025 $ 12,800 Accounts Receivable 42,000 Prepaid Insurance 3,900 Accumulated Depreciation - Equipment 6,000 Rent Revenue 5,700 Advertising Expense 3,400 Retained Earnings, 1/1/20 40,600 Cash 15,500 Salaries & Wages Expense 34,900 Common Stock 44,000 Service Revenue 49,100 Dividends 2,300 Supplies 12,000 Equipment 15,500 Unearned Revenue 5,500 Land 52,000 Utilities Expense 7,200 Calculate the below totals/amounts based on the above account balances. Revenues Current Assets Expenses Property, Plant & Equipment Net Income Current Liabilities Retained Earnings 12/31/2020 Long Term Liabilities Please show your work/calculations in the space below: $47,000 = X + $21,600 3. $315,000 = $65,000 + X Question 3: Determine the missing amount in the expanded accounting equation for each of the following: Assets = Liabilities + Com.S+k+ Beg. R/ERevenues - Expenses - Dividends 1. $74,000 = $64,000 + $9,000 - $10,000 + $60,000 - $35,000 - X 2. $128,000 = + $65,000+ $20,000 + $65,000 - $36,000 - $28,000 3. $200,000 = $143,000 + $18,000 + $23,000 + $44,000 - - $15,000
