Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Accounts Accounts Goodwill Retained earnings Inventory Cash 100,000 Accumulated depreciation - building 15,000 214,680 Building 80,400 102,000 Accounts receivable 1,860 30,000 Share capital-ordinary 160,000 78,000

image text in transcribed
image text in transcribed
Accounts Accounts Goodwill Retained earnings Inventory Cash 100,000 Accumulated depreciation - building 15,000 214,680 Building 80,400 102,000 Accounts receivable 1,860 30,000 Share capital-ordinary 160,000 78,000 Equipment 40,000 10,000 Prepaid rent 5,000 14,400 Accounts payable 5,600 900 37,320 Salaries payable Bond payable (Due 2025) Accumulated depreciation -equipment Notes payable (Due in 4 months) Long term investment If this information was used to prepare a statement of financial position, Total Current Assets should be: Select one: a. 120,000 b. 31,860 C. 138,860 d. 130,000 e. 128,000 on downloaded Sales revenue 250,000 Sales returns and allowances 6,000 Cash 51,000 Sales salaries expense 16,000 Inventory 30,000 Advertising expense 10,000 Equipment 200,000 Administrative Salaries expense 20,000 Shared-capital 100,000 interest expense 2,000 Cost of goods sold 89,000 Income taxes 8,000 Rent revenue 20,000 Depreciation of office equipment 15,000 If this information was used to prepare an income statement, Total Selling Expenses should be: Select one: a. 61,000 b. 16,000 c. 26,000 d. 10.000 e. 35,000 onde

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

Managerial Accounting For Managers

Authors: Eric Noreen, Peter Brewer, Ray Garrison

6th Edition

1264100590, 9781264100590

More Books

Students also viewed these Accounting questions

Question

1. What does this mean for me?

Answered: 1 week ago