Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Entity As post-closing trial balance on December 31, 2021 shows the following account balances: Accounts Dr. Cr. Cash 20,000 Accounts receivable 122,000 Allowance for bad

Entity As post-closing trial balance on December 31, 2021 shows the following account balances:
Accounts
Dr.
Cr.
Cash
20,000
Accounts receivable
122,000
Allowance for bad debts
30,000
Notes receivable (Trade)
8,000
Inventory
200,000
Prepaid supplies
15,000
Prepaid rent
25,000
Prepaid insurance
10,000
Land
1,000,000
Building
2,000,000
Accumulated depreciation - Bldg.
1,600,000
Equipment
800,000
Accumulated depreciation Equipment
250,000
Accounts payable
100,000
Notes payable - short term loan
200,000
Notes payable - long term loan
(50,000 due within 1 yr.)
1,450,000
Interest payable
65,000
Salaries payable
105,000
Utilities payable
8,000
Unearned income
35,000
Owners capital
357,000
Totals
4,200,000
4,200,000
How much is the total noncurrent liabilities?

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_2

Step: 3

blur-text-image_3

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

Principles of Auditing and Other Assurance Services

Authors: Ray Whittington, Kurt Pany

19th edition

978-0077804770, 78025613, 77804775, 978-0078025617

More Books

Students also viewed these Accounting questions

Question

Briefly describe vegetative reproduction in plants.

Answered: 1 week ago

Question

1. What are the peculiarities of viruses ?

Answered: 1 week ago