Q20

Question 20 (5 points) The following information is provided for Carl's Classic Cars Ltd. Carl's Classic Cars Ltd Adjusted Trial Balance December 31, 2020 Debit Credit Cash $5,000 Accounts receivable 155,000 Supplies 10,000 Inventory 340.000 Land 395,000 Buildings 495,000 Accumulated depreciation, buildings $123,750 Accounts payable 55,000 Line of credit 15,000 Bank Loan payable 755,000 Common shares 255,000 Retained earnings 14,625 Dividends declared 33.000 Sales revenue 975,000 Cost of goods sold 505,000 Depreciation expense 12,375 Income tax expense 125,000 General and administrative expense 118,000 Total $2,193 375 $2.193.375 Additional Information $33,000 Dividends were declared and paid during the year $100,000 of Common shares were issued $35,000 of the bank loan is due in 2021 Using the above adjusted trial balance, calculate the following balances. Enter your answer in the following format: $xxx.xxx Do not enter decimals. For example five thousand is entered as $5,000. Sales revenue Cost of goods sold Depreciation expense Income tax expense General and administrative expense Total 975,000 505.000 12.375 125,000 118,000 $2,193 375 $2 193 375 Additional Information $33,000 Dividends were declared and paid during the year $100,000 of Common shares were issued $35,000 of the bank loan is due in 2021 Using the above adjusted trial balance, calculate the following balances. Enter your answer in the following format: $xxxxxx Do not enter decimals. For example five thousand is entered as $5,000. 1. Current Liabilities 2. Net Income 3. Property, Plant and Equipment 4. Current Assets 5. Non-Current Liabilities Blank # 1 A/ Blank # 2 Blank #3 AJ Blank #4 A/ Blank # 5 A/