Question
Given the following adjusted trial balance, answer the questions that follow. Show your calculations. (3 points) Accounts Cash Debit Credit Accounts Receivable $12,000 Prepaid Rent
Given the following adjusted trial balance, answer the questions that follow. Show your calculations. (3 points) Accounts Cash Debit Credit Accounts Receivable $12,000 Prepaid Rent 150,000 Supplies 6,000 Equipment 30,000 Accumulated Depreciation 400,000 Accounts Payable $135,000 Salaries Payable 12,000 Interest Payable (due in < 1 year) 11,000 Notes Payable (due in two years) 5,000 Common Stock 40,000 Common Stock Retained Earnings 300,000 Retained Earnings Service Revenue 60,000 Service Revenue Salaries Expense 500,000 Salaries Expense Rent Expense 400,000 Depreciation Expense 20,000 Depreciation Expense Interest Expense 40,000 5,000 Totals $1,063,000 $1,063,000 a. What is the amount of total current assets? b. What is the amount of total current liabilities
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started