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The accountant for AppsGalore has compiled the following information about the company and its accounts: Cash Service Revenues Interest Income Accounts Payable Wages Payable $2500
The accountant for AppsGalore has compiled the following information about the company and its accounts: Cash Service Revenues Interest Income Accounts Payable Wages Payable $2500 5000 1000 5500 2500 Prepaid Rent Expenses Account Receivable Equipment Loan Payable $1000 2000 1200 10 000 1000 Required: a. What are the assets belonging to AppsGalore? List both names and amounts for each one and calculate the total amount (1 mark) b. What are the amounts that AppsGalore owes for liabilities? List each liability and calculate the total (1 mark) c. Using the accounting equation, what is the amount of Owners' Equity reported on AppsGalore balance sheet? (1 mark) d. How much net profit did AppsGalore have for the year? (1 mark). e. What are the three.components of the balance sheet? Briefly discuss each. (2 marks)
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