Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dl2T-b8 Company reported the following account balances at December 31, 2029: Cost of goods sold ................ $39,000 Salaries payable .................. $16,000 Accumulated depreciation .......... $23,000

Dl2T-b8 Company reported the following account balances at December 31, 2029:

Cost of goods sold ................ $39,000

Salaries payable .................. $16,000

Accumulated depreciation .......... $23,000

Cash .............................. $19,000

Inventory ......................... $61,000

Accounts payable .................. $36,000

Common stock ...................... ?

Accounts receivable ............... $41,000

Retained earnings ................. $55,000 (at January 1, 2029)

Salaries expense .................. $28,000

Land .............................. ?

Interest revenue .................. $59,000

Supplies .......................... $17,000

Notes payable ..................... $48,000 (due March 1, 2031)

Patent ............................ $32,000

Sales revenue ..................... $93,000

Dividends ......................... ?

Equipment ......................... $56,000

Income tax expense ................ $25,000

Additional information: 1) Dividends declared by Dl2T-b8 Company during 2029 equaled 35% of the net income for 2029.

2) Total equity at December 31, 2029 is equal to 350% of the total current liabilities at December 31, 2029.

Calculate the amount of total current assets reported in Dl2T-b8 Company's balance sheet at December 31, 2029.

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

Fundamentals of Cost Accounting

Authors: William Lanen, Shannon Anderson, Michael Maher

5th edition

978-1259728877, 1259728870, 978-1259565403

More Books

Students also viewed these Accounting questions