Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr).
The following account balances are for the Agee Company as of January 1, 2020, and December 31, 2020. All amounts are denominated in kroner (Kr).
January 1, 2020 | December 31, 2020 | |||||
Accounts payable | (13,000 | ) | (19,500 | ) | ||
Accounts receivable | 41,000 | 91,000 | ||||
Accumulated depreciationbuildings | (32,000 | ) | (37,000 | ) | ||
Accumulated depreciationequipment | 0 | (6,200 | ) | |||
Bonds payabledue 2023 | (51,000 | ) | (51,000 | ) | ||
Buildings | 121,000 | 98,500 | ||||
Cash | 47,000 | 9,200 | ||||
Common stock | (71,000 | ) | (85,000 | ) | ||
Depreciation expense | 0 | 27,000 | ||||
Dividends (10/1/20) | 0 | 44,000 | ||||
Equipment | 0 | 42,000 | ||||
Gain on sale of building | 0 | (7,200 | ) | |||
Rent expense | 0 | 15,700 | ||||
Retained earnings | (42,000 | ) | (42,000 | ) | ||
Salary expense | 0 | 32,000 | ||||
Sales | 0 | (117,000 | ) | |||
Utilities expense | 0 | 5,500 | ||||
Additional Information
-
Agee issued additional shares of common stock during the year on April 1, 2020. Common stock at January 1, 2020, was sold at the start of operations in 2013.
-
Agee purchased buildings in 2014 and sold one building with a book value of Kr 6,700 on July 1 of the current year.
-
Equipment was acquired on April 1, 2020.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started