Need help in answering the below questions so I can double check work for accuracy. Thanks
a. What was the balance of the Accumulated depreciation account on December 31, 2019?
b. Record all transactions that occurred during 2020.
The Loren Company started its operations many years ago. Its balance sheet for December 31, During 2020 the following transactions occurred: 2019, showed the following account balances (there were no other accounts listed): Paid in capital 500. Wages payable 10. Cash 280. Loan from bank 50. 1. Depreciation expense was $45. Retained earnings 240, Loan to $2 35, Accumulated depreciation (?). 2. Loren purchased $932 worth of inventory on account. The ending balance of the inventory Prepaid rent (to JG) 3, Inventory 59, Accounts payable 57, account was $100. Accounts receivable 153, PP&E (Gross) 450, Interest receivable (from $2) 5, 3. Sales, all on credit, were $1,203. Dividend payable 48. 4. Rent in the amount of $107 was paid to JG. in cash, during the year. As of December 31, 2020. the firm did not pay a portion of December's rent and owes its landlord, JO, $7 (recorded as rent Required: payable). Over the years, Loren had only this rental property. a. What was the balance of the Accumulated depreciation account on December 31, 2019? 5. Payments on accounts payable were $889. b. Record all transactions that occurred during 2020. 6. The SZ company paid Loren $5 interest for 2019, as well as interest of $4 for 2020. Also, it c. Prepare an Income Statement for the year ended December 31, 2020. paid $10 to reduce its loan's principal. d. Prepare a Balance Sheet for December 31, 2020. 7. Loren used the cash received from SZ to pay the bank for its loan. Out of the total amount. $7 e. Prepare a Statement of Cash Flows for the year ended December 31, 2020. was for interest and the rest was used to reduce the principal. 8. Collections from customers were $1.256. 9. A change in the tax code, effective 2021. will increase the cost of Loren in providing medical expertise services by 50%. The firm anticipates this change will increase its annual costs by $125. 10. The employees of Loren earned $60 as wages. Cash payments for wages were $65. 11. The company paid $36 for a dividend that was declared in 2019. 12. Advertising expenses were $40. The company paid this amount in cash plus $30 related to next year's advertising campaign. 13. An old machine that had original costs of $40 and net book value of $0 (zero) broke down and was disposed; there were no cash consequences. 14. Loren received a deposit of $100 from a customer for a special order that will be supplied next year. Selling price will be $150 and costs are estimated at $96
