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QUESTION 12 Q12 - For extra credit (3 points), calculate TOTAL assets for Luca Furniture Cottage Ltd. for 12/31/2023 AFTER closing temporary accounts to R/E.
QUESTION 12 Q12 - For extra credit (3 points), calculate TOTAL assets for Luca Furniture Cottage Ltd. for 12/31/2023 AFTER closing temporary accounts to R/E. Use the figures from the following trial balance (same as for Q11) and enter your response (numbers only, no symbols) in the answer box below. Account Titles Debits Credits Accounts Payable $8,500 Accounts Receivable $50,250 Accumulated Depreciation $136,300 Cash $24,400 Common Stock $175,000 Cost of Goods Sold $110,500
Account Titles | Debits | Credits | |
Accounts Payable | $8,500 | ||
Accounts Receivable | $50,250 | ||
Accumulated Depreciation | $136,300 | ||
Cash | $24,400 | ||
Common Stock | $175,000 | ||
Cost of Goods Sold | $110,500 | ||
Deferred Revenue | $15,000 | ||
Depreciation Expense | $4,500 | ||
Dividends | $5,000 | ||
Equipment | $214,500 | ||
Income Tax Expense | $1,000 | ||
Insurance Expense | $4,800 | ||
Interest Expense | $2,500 | ||
Inventory | $95,000 | ||
Retained Earnings, 1/1/2021 | $7,350 | ||
Maintenance Expense | $9,550 | ||
Notes Payable, Noncurrent | $25,000 | ||
Prepaid Rent | $1,500 | ||
Rent Expense | $28,500 | ||
Salaries & Wages Expense | $52,750 | ||
Sales Discounts | $3,000 | ||
Sales Returns & Allowances | $4,250 | ||
Sales Revenue | $244,850 |
Respond in the box below (numbers only):
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