Question
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.
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