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

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
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 $20,594 Accounts 30,000 Receivable Allowance for 4,000 Uncollectible Accounts Inventory 30,000 Building 15,152 Accumulated 5.000 Depreciation Accounts 12,594 Payable Inford ventory 30,000 uilding 15.152 Accumulated 5,000 Depreciation Accounts 12,594 Payable Deferred 11,000 Revenue Common Stock 20,000 Retained 20,000 Earnings Dividends 14.000 Revenue (Sales) 70,152 Sales 1.000 Allowances Rent Expense 4,000 interest 4,000 Expense Income Tax 14.000 Expense 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 557,152 Beginning Balance of Common Stock on 1/1/20xx 520.000 Beginning Balance of Retained Earnings on 1/1/20 $20,000 . Max Expense Question Based on the Partial Trial Balance and Additicnal 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 Atter-taves for the Accounting Period equaled $57,152 Beginning Balance of Common Stock on 1/1/20

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

More Books

Students also viewed these Accounting questions