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The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue
The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 55,954 49,799 8,200 2,484 5,400 45,323 1,416 21,822 2,798 The following activities occurred in 2019: 1. Performed advertising services on account, $66,200. 2. Received cash payments on account, $12,800. 3. Received deposits from customers for advertising services to be performed in 2020, $4,100. 4. Made payments to suppliers on account, $5,400. 5. Incurred $54,200 of operating expenses; $47,000 was paid in cash and $7,200 was on account and unpaid as of the end of the year. What is the balance in the Cash account at December 31, 2019? During January 2018, the first month of operations, a consulting firm had following transactions: 1. Issued common stock to owners in exchange for $46,000 cash. 2. Purchased $11,500 of equipment, paying $3,450 cash and signing a promissory note for $8,050. 3. Received $20,700 in cash for consulting services performed in January. 4. Purchased $3,450 of supplies on account; all of the supplies were used in January. 5. Provided consulting services on account in the amount of $36,800. 6. Paid $1,725 on account. 7. Paid $6,900 to employees for work performed during January. 8. Received a bill for utilities for January of $7,800; the bill remains unpaid. What is the amount to be reported as total liabilities on the balance sheet at the end of January
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