Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(New Problem - not a continuation of the prior problem) Balance Sheet - three (3) questions Instructions: Please prepare a Balance Sheet on your scratch

image text in transcribed
image text in transcribed
image text in transcribed
(New Problem - not a continuation of the prior problem) Balance Sheet - three (3) questions 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. Accounts Account Balances Cash $20,389 Accounts 30,000 Receivable Allowance 14,000 for Uncollectible Accounts Inventory 30,000 Building 45,143 Accumulated 5,000 Depreciation Accounts 12,389 Payable Deferred 11,000 Revenue Common 20,000 Stock Retained 20,000 Earnings Dividends 4,000 Revenue 70.143 (Sales) Sales 1.000 Allowances Rent Expense 4,000 Interest 44,000 Expense Income Tax 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 $57.143 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. Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc I just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123

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

Latest Qualified Internal Auditor Exam Questions

Authors: Pass Assured

1st Edition

1699310599, 978-1699310595

More Books

Students also viewed these Accounting questions