Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following accounts are from XYZ, Inc. Balance Sheet as of December 31, 2020: Building Salaries Payable 25,000 OMR 10,000 OMR 15,000 OMR Cash
The following accounts are from XYZ, Inc. Balance Sheet as of December 31, 2020: Building Salaries Payable 25,000 OMR 10,000 OMR 15,000 OMR Cash Share Capital Intangible Assets: Patents and Trade Mark Account Receivable Notes Payable Retained Earnings 75,000 OMR 60,000 OMR 3,000 OMR 4,500 OMR Requirements: 1. What is the amount of XYZ's total Non-Current assets as of December 31, 2020? (Rubries: I mark for the correct account balances and answer- Total I mark) 2. Identify the accounts listed above that are Current liabilities. (Rubrics: 0.25 mark for the correct account identification- Total 0.5 mark) 3. What is the amount of XYZ's retained earmings as of December 31, 2020? (Hinti use the extended accounting equation) (Rubrics: 0.5 mark for the correct calculation and answer- Total 2 marks) 4. Prepare a balance sheet for XYZ as of December 31, 2020. (Rubrics: 0.25 mark for each correct element and correct form of balance sheet and heading, 0.5 mark for the carrect calculations of totals. Total 3.5 marks)
Step by Step Solution
★★★★★
3.45 Rating (152 Votes )
There are 3 Steps involved in it
Step: 1
ANSWER 1 Amount of Total Non Current Assets of XTZ at December 312020 Building 25000 ...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