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I (20 points) Below are balance sheet, income statement, and the additional information items from the annual report of ABC. The required work for this
I (20 points) Below are balance sheet, income statement, and the additional information items from the annual report of ABC. The required work for this question is on the following page. "N/A" stands for "not available" (you need to calculate it by yourself but may not be needed). "N/A" does not equal 0. ABC Balance Sheet ABC Income Statement As of December 31, For the year 2020 2021 2020 2021 Assets Revenues 44,000 (D) Cash 10,300 11,300 - Cost of Sales 34,000 35,000 Prepaid Rent (B) 800 = Gross Profit 10,000 20,000 Inventory 3,000 N/A -Wage Expenses 4,000 (C) PPE, net 50.000 48.000 -Other Expenses 3.000 6.000 Total Assets (A) N/A = Net Income 3,000 N/A Liabilities Accounts Payable 500 600 Notes Payable 12,000 12,000 Unearned Revenues 4.000 5.000 Total Liabilities 16,500 17,600 Shareholders' Equity Contributed Capital 45,000 45,000 Retained Earnings 2,000 6.000 Total Equity 47,000 N/A Total Liabilities and Equity N/A N/A Additional information: 1. In 2021, ABC distributed $2,000 cash dividends. 2. In 2021, ABC did not buy or sell any PP&E. Required: Compute the following numbers (A)-(E). Show your work for each part. A. Total Assets (12/31/2020) (4 points) B. Prepaid Rent (12/31/2020) (4 points) C. Wage Expenses (2021) (4 points) D. Revenues (2021) (4 points) E. Depreciation Expense (2021) (4 points)
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