Question
The following information was taken from the accounting records of ZZ, Inc. for the year ended December 31, 2019: Cash ........................ $26,000 Accounts Payable ............
The following information was taken from the accounting records of ZZ, Inc. for the year ended December 31, 2019:
Cash ........................ $26,000
Accounts Payable ............ $41,000
Sales Revenue ............... $95,000
Copyright ................... $37,000
Advertising Expense ......... ?
Common Stock ................ $97,000
Utilities Payable ........... $13,000
Supplies .................... $16,000
Cost of Goods Sold .......... $42,000
Rental Revenue .............. $29,000
Building .................... $86,000
Notes Payable ............... ?
Utilities Expense ........... $13,000
Inventory ................... $77,000
Dividends ................... $11,000
Equipment ................... $56,000
Retained Earnings ........... $59,000 (at January 1, 2019)
Income Tax Expense .......... $18,000
Accounts Receivable ......... $61,000
ZZ, Inc. reported total equity at December 31, 2019 of $187,000.
a) Calculate the total current assets reported in ZZ, Inc.'s balance sheet at December 31, 2019.
b) Calculate the total assets reported in ZZ, Inc.'s balance sheet at December 31, 2019.
c) Calculate the balance in the notes payable account at December 31, 2019.
d) Calculate the balance in the advertising expense account at December 31, 2019.
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