Question
QUESTION INFORMATION: Philadelphia Company has the following balances in its permanent accounts as of December 31, 2021 (assume that all accounts have their normal debit
QUESTION INFORMATION: Philadelphia Company has the following balances in its permanent accounts as of December 31, 2021 (assume that all accounts have their normal debit or credit balance):
Cash | 37,000 |
Common stock | 23,000 |
Land | 72,000 |
Notes payable | 56,000 |
Retained earnings | 43,000 |
Supplies | 13,000 |
Philadelphia engaged in the following seven transactions during 2022:
- Issued stock to investors for $111,000 cash.
- Purchased land for $99,000 cash.
- Performed services on account for $77,000.
- Collected $55,000 on accounts receivable.
- Paid cash dividends to investors of $11,000.
- Salaries of $33,000 are earned by employees in December 2022, but will not be paid until January 2023.
- Supplies of $11,000 are on hand as of December 31, 2022.
QUESTION TO ANSWER: After recording all transactions for 2022, including adjusting and closing journal entries, Philadelphia's total assets balance as of December 31, 2022 is $______.
QUESTION TO ANSWER: After recording all transactions for 2022, including adjusting and closing journal entries, Philadelphia's total stockholders' equity balance as of December 31, 2022 is $______.
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