in Mississauga Paraphrasing Tool x /#inbox/FMfcgxwLtGsXPVKP)dwKxWSSWBXkfChR?projector=1&messagePartid=0,1 business 3. Explain the difference between current and noncurrent assets and liabilities. Why is this distinction important to stakeholders? 4. Some information on the Hudson Roofing Company for December. Hudson Alexander, Capital Dec. 1 $175,300 Dec. revenue 56,400 Dec. expenses 59,800 Assuming no investments or withdrawals, what is the ending balance in the owners' capital account? 4. Some information on the Hudson Roofing Company for December. Hudson Alexander, Capital Dec. 1 $175,300 Dec. revenue 56,400 Dec. expenses 59,800 Assuming no investments or withdrawals, what is the ending balance in the owners' capital account? 5. XYZ Company had the following transactions during the month of December. What was the December 1 cash balance? Dividends paid $ 221 Credit sales 149 Payments for equipment 1,496 Taxes paid 2,032 Common stock sold 2,550 Inventory received 2.125 Cash sales 2.763 Cash balance Dec. 31 9,869 I 6. In January the Hailey's Collision Service Showed I Hailey Shusher, Capital Jan. 1 $61,355 Jan. revenue 23,240 Jan, expenses 20,930 Assuming no investments or withdrawals, what is the ending balance in the owners' capital account? VI Wilawals, what is the ending balance in the owners' capital account? 7. On July 1, a client paid an advance payment (retainer) of $5,000 to cover future legal services. During the period, the company completed $3,500 of the agreed-on services for the client. There was no beginning balance in the Unearned Revenue account for the period. Based on the information provided, A. Make the December 31 adjusting journal entry to bring the balances to correct. B. Show the impact that these transactions had. 8. Prepare an adjusted trial balance from the following account information, considering the adjustment data provided (assume accounts have normal balances). Accounts payable $11,700 I Accounts receivable 17.100 Administrative expense 54,800 Cash 44,800 Common stock 30,000 Prepaid insurance 16,000 Service revenue 91,000 Adjustments needed: Salaries due to administrative employees, but unpaid at period end, $2,000 Insurance still unexpired at end of the period, $12,000 . 9. A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions? I 10. The Jupiter Corp.info showed. Compute net purchases, and cost of goods sold for the month of March Inventory, February 28, 2018 $450,000 Inventory, March 31, 2018 330,500 Purchase discounts 12,450 Purchase returns and allowances 23,870 Sales 276,900 Sales discounts 34,660 Gross purchases 120,400