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Provide calculations (if its possible) QUESTION 36 Entity Z had the following selected accounts on December 31, 2022: Cash $90,000 Accounts receivable 70,000 Prepaid insurance
Provide calculations (if its possible)
QUESTION 36 Entity Z had the following selected accounts on December 31, 2022: Cash $90,000 Accounts receivable 70,000 Prepaid insurance 100.000 Merchandise Inventory 120,000 Debt investments (short-term) 20.000 Land 175.000 Building, net of accumulated depreciation 170,000 Patent 140,000 What is the amount of total current assets that will appear on the classified balance sheet? O $885.000 O $400,000 O $570,000 O $280,000 QUESTION 37 If total assets increased by $200,000 and stockholders' equity decreased by $90,000 during a period of time, then total liabilities must change by what amount and direction during that same period? O S290,000 decrease O $110.000 decrease O $110.000 increase O $290,000 increase QUESTION 38 Before month-end adjustments are made, the December 2022 trial balance of Entity 1 contains revenue of $13,000 and expenses of S9,000 resulting in income before adjustments of S4,000. Indicate whether the following should be added, subtracted or would have no effect (NE) in arriving at accrual basis net income: Accrued interest revenue on a note receivable is $500. O Added O Subtracted O NE QUESTION 39 When a business declares and pays a cash dividend to its common stockholders O Liabilities will increase O Retained earnings will decrease O Assets will increase. O Expenses will increase. QUESTION 40 Before month-end adjustments are made, the December 2022 trial balance of Entity 1 contains revenue of $13,000 and expenses of S9,000 resulting in income before adjustments of S4,000. Indicate whether the following should be added, subtracted or would have no effect (NE) in arriving at accrual basis net income: The portion of the supplies inventory (a current asset) that was used during December is $500. 0 Added O Subtracted O NEStep by Step Solution
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