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The accountant for Chevy Chase Corporation prepared the following list from the company's accounting records for the year ended December 31, 2023: Owners Equity, beginning
The accountant for Chevy Chase Corporation prepared the following list from the company's accounting records for the year ended December 31, 2023: Owners Equity, beginning balance (Jan. 1, 2023) 126,000 Prepaid Rent 20,000 Cash 42,000 Accounts Payable 71,000 Accounts Receivable 57,000 Interest Expense 22,000 Sales Revenue 613,000 Wages Expense 105,000 Cost of Goods Sold 402,000 Income Tax Expense 25,000 Machinery 170,000 Advertising Expense 27,000 Wages Payable 36,000 Note Payable 205,000 Inventory 38,000 Owners Withdrawals 13,000 Land 130,000 Note: Prepaid Rent is a current asset. No owner investments were made. Required: Determine the following amounts for Chevy Chase Corporation: A. Total assets at the end of 2023
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