Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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 $______.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Case And Problem Materials In Management Accounting

Authors: Tony Brabazon And Tony ODea

2nd Edition

1412024315, 978-1412024310

More Books

Students also viewed these Accounting questions

Question

Apply your own composing style to personalize your messages.

Answered: 1 week ago

Question

Format memos and e-mail properly.

Answered: 1 week ago