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The following information is provided for Carl's Classic Cars Ltd. Carl's Classic Cars Ltd. Adjusted Trial Balance December 31, 2020 Debit Credit Cash $37,000 Accounts
The following information is provided for Carl's Classic Cars Ltd.
Carl's Classic Cars Ltd. | ||
Adjusted Trial Balance | ||
December 31, 2020 | ||
Debit | Credit | |
Cash | $37,000 | |
Accounts receivable | 187,000 | |
Supplies | 42,000 | |
Inventory | 372,000 | |
Land | 427,000 | |
Buildings | 527,000 | |
Accumulated depreciation, buildings | $131,750 | |
Accounts payable | 87,000 | |
Line of credit | 47,000 | |
Bank Loan payable | 787,000 | |
Common shares | 287,000 | |
Retained earnings | 122,425 | |
Dividends declared | 20,000 | |
Sales | 1,007,000 | |
Cost of goods sold | 537,000 | |
Depreciation expense | 13,175 | |
Income tax expense | 157,000 | |
General and administrative expense | 150,000 | |
Total | $2,469,175 | $2,469,175 |
Additional Information | ||
$20,000 Dividends were declared and paid during the year | ||
$100,000 of Common shares were issued | ||
$22,000 of the bank loan is due in 2021 |
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.
1. Current Assets:
2. Current Liabilities:
3. Net Income:
4. Property, Plant and Equipment:
5. Non-Current Liabilities:
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