Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information is provided for ACME Corporation for their fiscal year end. ACME Corporation Adjusted Trial Balance September 30, 2022 Debit Credit Cash $5,000

The following information is provided for ACME Corporation for their fiscal year end.

ACME Corporation Adjusted Trial Balance September 30, 2022

Debit Credit Cash $5,000 Accounts receivable 155,000 Supplies 10,000 Inventory 340,000 Land 395,000 Buildings 495,000 Accumulated depreciation, buildings $123,750 Accounts payable 55,000 Salaries payable 15,000 Bank Loan payable 755,000 Common shares 255,000 Retained earnings 14,625 Dividends declared 33,000 Sales revenue 975,000 Cost of goods sold 505,000 Depreciation expense 12,375 Income tax expense 125,000 General and administrative expense 118,000 Total $2,193,375 $2,193,375 Additional Information $33,000 Dividends were declared and paid during the year $100,000 of Common shares were issued $35,000 of the bank loan is due by September, 2023 Using the above adjusted trial balance, calculate the following balances.

Enter your answer in the following format: $xxx,xxx Do not enter decimals. For example five thousand is entered as $5,000. (One mark for each of the following required):

1. Current Liabilities

2. Net Income

3. Property, Plant and Equipment

4. Current Assets

5. Total Shareholders' Equity

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

Financial Accounting For Non Specialities

Authors: Peter Atrill, Eddie McLaney

2nd Edition

0139833625, 9780139833625

More Books

Students also viewed these Accounting questions

Question

=+c) Compute the CV and RRR for each decision.

Answered: 1 week ago