Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Instructions: Please prepare a Balance Sheet on your scratch paper based on the following Partial Adjusted Trial Balance. Use this Balance Sheet to answer this

Instructions: Please prepare a Balance Sheet on your scratch paper based on the following Partial Adjusted Trial Balance. Use this Balance Sheet to answer this question and the next two questions.

You will need to know the amounts for total assets, total current assets, and total stockholders' equity.

Adjusted Trial Balance

As of 12/31/20xx

Accounts

Account Balances

Cash

$20,691

Accounts Receivable

30,000

Allowance for Uncollectible Accounts

4,000

Inventory

35,000

Building

40,145

Accumulated Depreciation

10,000

Accounts Payable

12,691

Deferred Revenue

10,000

Common Stock

20,000

Retained Earnings

20,000

Dividends

3,000

Revenue (Sales)

65,145

Sales Allowances

1,000

Rent Expense

4,000

Interest Expense

4,000

Income Tax Expense

4,000

Question: Based on the Partial Trial Balance and Additional Info shown below, what is the amount of the Total Assets shown on the Balance Sheet you prepared on your scratch paper?

Additional Information:

Net Income After-taxes for the Accounting Period equaled $52,145

  • Beginning Balance of Common Stock on 1/1/20xx $20,000
  • Beginning Balance of Retained Earnings on 1/1/20xx $20,000
  • No new stock was issued during the accounting period.
  • Hint: Please remember the formula for retained earnings when preparing this statement.

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

Auditing And Edp Objective Questions And Explanations

Authors: Irvin N. Gleim, William A. Hillison

5th Edition

0917537521, 978-0917537523

More Books

Students also viewed these Accounting questions