Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Trial Balance ABC Inc 12/31/2020 NOTE: THIS INFORMATION WILL FOR Q 15- BE USED 18 Earned Revenue 6,500,000 Over Billings Accrued Payroll Accumulated Depreciation Stock
Trial Balance ABC Inc 12/31/2020 NOTE: THIS INFORMATION WILL FOR Q 15- BE USED 18 Earned Revenue 6,500,000 Over Billings Accrued Payroll Accumulated Depreciation Stock Accounts Payable Retained earnings Begin of Year 1,500,000 240,000 1,400,000 2,000,000 700,000 865,000 Contract Costs - Direct Contract Costs - Indirect Accounts Receivable 4,335,000 400,000 1,300,000 Depreciation Expense 130,000 40,000 Accrued Interest Receivable (Paid at maturity of note receivable) Inventory Equipment Furniture and Fixtures G & A Expenses Note Receivable due in 2024 Office Payroll Cash 875,000 2,700,000 750,000 700,000 475,000 800,000 700,000 13,205,000 13,205,000 Create Balance Sheet and Income Statement What is the net income/(Loss)? Net Loss of $ 865,000 Net Income of 265,000 Net income of $ 1,765,000 Net Income of $ 135,000 Question 16 What is the Working Capital? Negative $ 865,000 Positive $ 135,000 Positive $ 1,000,000 Dacitive 125
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started