Question
On December 31, 2019, ABC Company reported total assets of $390,000 and total liabilities of $110,000 prior to the following adjusting entries: Depreciation expense was
On December 31, 2019, ABC Company reported total assets of $390,000 and total liabilities of $110,000 prior to the following adjusting entries:
Depreciation expense was $31,000
Accrued salaries expense totaled $12,000
The company used up $9,000 worth of an insurance policy, which was initially recorded as a prepaid expense asset
Rent revenue of $7,000 was earned, where the rent was initially prepaid by the tenant and credited to unearned rent revenue.
How much are the company's total assets after adjusting entries?
A.$350,000
B.$386,000
C.$379,000
D.$374,000
How much are the company's total liabilities after adjusting entries?
A.$115,000
B.$141,000
C.$86,000
D.$110,000
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