Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Adjusted Trial Balance As of 12/31/20xx Accounts Account Balances Cash $20,156 Accounts Receivable 28,000 Allowance for Uncollectible 4,000 Accounts Prepaid Rent 35,000 Equipment 40,120 Accumulated

image text in transcribedimage text in transcribed

Adjusted Trial Balance As of 12/31/20xx Accounts Account Balances Cash $20,156 Accounts Receivable 28,000 Allowance for Uncollectible 4,000 Accounts Prepaid Rent 35,000 Equipment 40,120 Accumulated Depreciation 10,000 Accounts Payable 10,156 Deferred Revenue 10,000 Common Stock 30,000 Retained Earnings 10,000 Dividends 3,000 Service Revenue 165,120 Sales Discounts 1,000 Rent Expense 4,000 Interest Expense 4,000 Income Tax Expense 4,000 Question:Based on the Partial Trial Balance and Additional Info shown below, what is the amount of the Total Assets shown on the Balance Sheet you prepared on your scratch paper? Additional Information: Net Income After-taxes for the Accounting Period equaled $52,120 Beginning Balance of Common Stock on 1/1/20xx $30,000 Beginning Balance of Retained Earnings on 1/1/20xx $10,000 No new stock was issued during the accounting period. Hint: Please remember the formula for retained earnings when preparing this statement. Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting For Decision Makers

Authors: Dr Peter Atrill, Eddie McLaney

6th Edition

0273731521, 9780273731528

More Books

Students also viewed these Accounting questions

Question

Differentiate between classical and operant conditioning.

Answered: 1 week ago

Question

What factors in Nooyis Five C model facilitate employee trust?

Answered: 1 week ago