Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The account balances for a company are listed below. All balances are as of December 31, 2011, except where noted otherwise Accounts Payable $7200 Rent

The account balances for a company are listed below. All balances are as of December 31, 2011, except where noted otherwise

Accounts Payable $7200 Rent Expense $3000
Accounts Receivable 8400 Equipment 74,500
Wages Payable 3400 Furniture 16,600
Prepaid Expenses 500 Notes Payable (due 12/31/13) 40,900
Dividends 2000 Accumulated Depreciation 8000
Sales Revenue 99,850 Cash 14000
Notes Payable (due 4/30/12) 1000 Common Stock 20,000
Cost of Goods Sold 48,800 Goodwill 10,000
Loss on Sale of Equipment 5500 Retained Earnings (1/1/11) 16,150
Inventory 9,500 Marketable Equity Securities 300
Advertising Expense 2500 Depreciation Expense 1100
Insurance Expense 2000 Unearned Revenue 2,200

Determine Total Assets as of December 31, 2001:

The key says the answer is $125,800 and I'm not getting that number.

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

Audit Criteria For Electronic Document Management Processes And Associated IT Solutions

Authors: Alexander D Balzer, Dr Klaus-Peter Elpel, Volker Feist

5th Edition

3932898281, 978-3932898280

More Books

Students also viewed these Accounting questions

Question

6. Identify seven types of hidden histories.

Answered: 1 week ago

Question

What is the relationship between humans and nature?

Answered: 1 week ago