Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi! Can you help calculate total current assets, total long term assets, total current liabilities, and total stockholders equity? Classified Balance Sheet-four (4) questions Instructions:

image text in transcribed

Hi! Can you help calculate total current assets, total long term assets, total current liabilities, and total stockholders equity?

Classified Balance Sheet-four (4) questions Instructions: Please prepare a Classified Balance Sheet on your scratch paper based on the following Partial Adjusted Trial Balance. Use this Classified Balance Sheet to answer this question and the next three (3) questions. You will need to know the 1.) Total Current Assets, 2.) Total Long-term Assets, 3.) Total Current Liabilities, and 4.) Total Stockholders' Equity to answer these four (4) questions. Question: Based on the Partial Trial Balance and Additional Info shown below, what is the amount of the Total Current Assets shown on the Classified Balance Sheet you prepared on your scratch paper? Credit $ 50,000 25,134 30,581 Adjusted Trial Balance December 31, 20xx Accounts Debit Cash $25,134 Accounts Receivable 100.581 Inventory 40.000 Prepaid Rent 14,113 Equipment 25,000 Building 125.000 . Accumulated Depreciation Accounts Payable Deferred Revenue Current Portion Long-term Debt Long-term Debt Bonds Payable Common Stock Treasury Stock 0 B. Retained Earnings Dividends 10,000 Revenue Cost of Goods Sold 75,134 Salaries Expense 9.000 Rent Expense 15,000 ... Utilities Expense 10,000 Depreciation Expense 5.000 Interest Expense 1.000 Income Tax Expense 6.000 5.000 50,113 50,000 25,000 25,000 200.134 Additional Information: Net Income After-taxes for the Accounting Period equaled $79,000 Beginning Balance of Common Stock on 1/1/20xx $25,000 Beginning Balance of Retained Earnings on 1/1/20xx $25,000 No new stock was issued during the accounting period. 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. 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

Connect For Data Analytics For Accounting

Authors: Author

2nd Edition

1264152000, 9781264152001

More Books

Students also viewed these Accounting questions

Question

Disordered eating in dance professionals

Answered: 1 week ago