Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following accounts were taken from Matt Companys unadjusted trial balance at December 31, 2019: Accounts Payable ............ $69,000 Accounts Receivable ......... $53,000 Accumulated Depreciation

The following accounts were taken from Matt Companys unadjusted trial balance at December 31, 2019:

Accounts Payable ............ $69,000

Accounts Receivable ......... $53,000

Accumulated Depreciation .... $47,000

Advertising Expense ......... $14,000

Building .................... $71,000

Cash ........................ $22,000

Contributed Capital ......... $98,000

Cost of Goods Sold .......... $53,000

Dividends ................... $11,000

Equipment ................... $57,000

Insurance Expense ........... $12,000

Inventory ................... $58,000

Notes Receivable ............ $46,000

Patent ...................... $21,000

Rental Revenue .............. $39,000

Retained Earnings ........... $72,000 (at January 1, 2019)

Sales Revenue ............... $93,000

Matt Company has not yet recorded adjusting entries related to the following three items: (1) Income tax expense of $16,000 has not yet been accrued. (2) Depreciation expense of $4,000 has not yet been recorded. (3) The note receivable was a 9-month, 15% loan given to a customer on June 1, 2019.

Calculate the total current assets reported in Matt Company's balance sheet at December 31, 2019 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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing And Assurance Services

Authors: Timothy Louwers, Penelope Bagley, Allen Blay, Jerry Strawser, Jay Thibodeau

9th Edition

1266796851, 9781266796852

More Books

Students also viewed these Accounting questions