Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

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

Contemporary Debates On Politics And Public Administration In The Postmodern Era

Authors: Ă–mer Ugur, Kadir Caner Dogan

1st Edition

3631796331, 9783631796337

More Books

Students also viewed these Accounting questions