Question
Arshan Ltd. had the following account balances at December 31, 2021: Account Name Amount Income tax expense $12,380 Cash (beginning of year) 39,910 Purchase of
Arshan Ltd. had the following account balances at December 31, 2021:
Account Name | Amount |
Income tax expense | $12,380 |
Cash (beginning of year) | 39,910 |
Purchase of intangibles | 1,560 |
Website design | 1,500 |
Supplies expense | 1,375 |
Supplies | 3,150 |
Payment of dividends | 7,000 |
Service revenue | 79,480 |
Cash received from debt | 25,000 |
Dividends | 7,000 |
Payments to suppliers | 56,925 |
Retained earnings (beginning of year) | 28,365 |
Bank loan payable, due in 2025 | 25,000 |
Website expense | 1,000 |
Advertising expense | 1,750 |
Owners' capital | 17,500 |
Prepaid insurance | 1,800 |
Contributions by owners | 8,500 |
Business licence | 60 |
Insurance expense | 3,600 |
Interest expense | 1,800 |
Accounts receivable | 52,375 |
Prepaid expenses | 2,700 |
Income tax payable | 2,775 |
Deferred revenue | 2,450 |
Collections from customers | 58,450 |
Accounts payable | 33,845 |
Cash (end of year) | 66,375 |
Salaries expense | 32,550 |
What is the correct order for the current assets section of this company's balance sheet?
a. Cash (end of year), Accounts receivable, Prepaid insurance, Supplies, Website design, Business licence
b. Cash (beginning of year), Accounts receivable, Prepaid insurance, Supplies
c. Cash (end of year), Accounts receivable, Prepaid insurance, Supplies
d. Cash (beginning of year), Accounts receivable, Prepaid expenses, Prepaid insurance, Supplies
e. Cash (end of year), Accounts receivable, Prepaid expenses, Prepaid insurance, Supplies
What is the correct order for the intangible section of the balance sheet?
a. Business licence, Supplies, Website design
b. Business licence, Prepaid expenses, Website design
c. Website design, Business licence
d. Website design, Prepaid insurance, Prepaid expenses
e. Website design, Business licence, Prepaid insurance, Prepaid expenses
What is total assets on this company's balance sheet?
What is total liabilities on this company's balance sheet?
What is total equity on this company's balance sheet?
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