Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following account balances were taken from ABC Companys accounting records at December 31, 2008: Accounts Payable ............ $58,000 Accounts Receivable ......... $64,000 Advertising Expense
The following account balances were taken from ABC Companys accounting records at December 31, 2008:
Accounts Payable ............ $58,000 Accounts Receivable ......... $64,000 Advertising Expense ......... $14,000 Building .................... $54,000 Cash ........................ $30,000 Common Stock ................ $94,000 Cost of Goods Sold .......... $45,000 Dividends ................... $12,000 Equipment ................... $68,000 Income Tax Expense .......... $17,000 Interest Revenue ............ $36,000 Inventory ................... $62,000 Notes Payable ............... $82,000 Rent Expense ................ $10,000 Retained Earnings ........... $40,000 (at January 1, 2008) Sales Revenue ............... $99,000 Salaries Expense ............ $22,000 Salaries Payable ............ $13,000 Supplies .................... $19,000 Trademark ................... $32,000 Unearned Revenue ............ $27,000
ABC Company has not yet recorded year-end adjusting entries related to the following two items:
(1) Based on a physical count, ABC Company determined there were only $10,000 of supplies still on hand and available to be used as of December 31, 2008.
(2) The unearned revenue relates to a $27,000 payment from a customer received on May 1, 2008 for work to be performed each month for the next 18 months.
Calculate the total assets reported in ABC Company's balance sheet at December 31, 2008 after the appropriate adjusting entries have been recorded and posted. Do not use decimals in your answer.
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