Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i am looking for the Total Long-term Assets, Total Current Liabilities and Total Stockholders' Equity! (New Problem - not a continuation of the prior problem)
i am looking for the Total Long-term Assets, Total Current Liabilities and Total Stockholders' Equity!
(New Problem - not a continuation of the prior problem) 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 Adjusted Trial Balance December 31, 20xx Accounts Debit Cash $25,128 Accounts Receivable 100,547 Inventory 40,000 Prepaid Rent 14,130 Equipment 25.000 Building 125.000 Accumulated Depreciation Accounts Payable Deferred Revenue $ 50,000 25,128 30,547 Deferred Revenue 30,547 5,000 50,130 50,000 25,000 0 25,000 10,000 Current Portion Long-term Debt Long-term Debt Bonds Payable Common Stock Treasury Stock Retained Earnings Dividends Revenue Cost of Goods Sold Salaries Expense Rent Expense Utilities Expense Depreciation Expense Interest Expense Income Tax Expense 200,128 75,128 9,000 15,000 10,000 5,000 1,000 6.000 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 periodStep 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