Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is the adjusted trial balance for X Co. as at December 31, 2021. The adjusted trial balance for X Co. at December 31,

image text in transcribed
image text in transcribed
The following is the adjusted trial balance for X Co. as at December 31, 2021. The adjusted trial balance for X Co. at December 31, 2021 is as follows: X Co. Adjusted Trial Balance December 31, 2021 Credit Debit $31,400 26,500 2,000 5,000 3,330 17,500 $5,200 Cash Accounts receivable Prepaid insurance Prepaid rent Supplies Equipment Accumulated depreciation equipment Furniture Accumulated depreciation-furniture Accounts payable Salary payable Unearned revenue Mortgage payable due in 2040) M.X, drawings MX, capital Service revenue Salary expense 25,000 4,250 8,400 12,200 6,700 35,000 15.000 58.567 33,500 15,000 58,567 33,500 M.X, drawings M. X, capital Service revenue Salary expense Depreciation expense Rent expense Insurance expense Supplies expense Advertising expense 24,387 4,500 5,500 2,200 700 800 $163,817 $163,817 Additional information: 1. All accounts have normal balances. 2. $17,250 of the mortgage payable will be paid before December 31, 2022. 3. The notes payable are payable on May 17, 2022. Instructions- a. Prepare a classified balance sheet. b. Calculate working capital, the current ratio, and the acid-test ratio. Note-Type your response in the space below OR hand write your response, pdf it, and upload it below. Note- responses prepared in Word and EXCEL will NOT be graded

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_2

Step: 3

blur-text-image_3

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

Digging For Disclosure Tactics For Protecting Your Firms Assets From Swindlers, Scammers, And Imposters

Authors: Kenneth S. Springer, Joelle Scott

1st Edition

0131385569, 9780131385566

More Books

Students also viewed these Accounting questions