Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Terrific Computer Systems Ltd . Balance Sheet Year ending December 3 1 , 2 0 2 1 ASSETS Cash 6 , 5 2 0 Office

Terrific Computer Systems Ltd.
Balance Sheet
Year ending December 31,2021
ASSETS
Cash
6,520
Office supplies
1,045
Prepaid insurance
800
Inventory
2,750
Accounts receivable
3,525
Prepaid rent
650
Deferred revenue
1,280
Equipment
65,350
TOTAL ASSETS
81,920
LIABILITIES AND EQUITY
Interest payable
1,250
Salaries payable
2,500
Accumulated depreciation
12,570
Note payable (due in 2022)
18,000
Accounts payable
1,455
Income tax payable
950
Dividends
(3,000)
Retained earnings (INCORRECT!)
28,655
Profit
7,540
Owners capital
12,000
TOTAL LIABILITIES AND EQUITY
81,920
What is the correct heading for this statement? (1 point)
Multiple choice 1 Question 2
The current title is correct.
Balance Sheet, Terrific Computer Systems Ltd., Year ended December 31,2021
Terrific Computer Systems Ltd., Year ended December 31,2021, Balance Sheet
December 31,2021, Balance Sheet, Terrific Computer Systems Ltd.
Balance Sheet, December 31,2021, Terrific Computer Systems Ltd.
Terrific Computer Systems Ltd., Balance Sheet, December 31,2021
What is the correct amount of retained earnings? (2 points)
Answer 1 Question 2
What is the correct amount of current assets? (2 points)
Answer 2 Question 2
What is the correct amount of long-lived assets? (2 points)
Answer 3 Question 2
What is the correct amount of current liabilities? (2 points)
Answer 4 Question 2
What is the correct amount of long-term liabilities? (2 points)
Answer 5 Question 2
What is the correct amount of total equity? (2 points)
Answer 6 Question 2
What is the correct amount of total assets? (2 points)
Answer 7 Question 2
What is the correct amount of total liabilities? (2 points)
Answer 8 Question 2

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

Accounting Principles A Business Perspective

Authors: Roger H. Hermanson, James Don Edwards, Michael W. Maher

1st Edition

1680921851, 978-1680921854

More Books

Students also viewed these Accounting questions

Question

Understand the primary objectives of performance appraisals

Answered: 1 week ago