Question
Use this information to answer the following questions: The December 31, 2019 (pre-closing) adjusted trial balance for Pringer Enterprises was as follows: Account Title Debits
- Use this information to answer the following questions:
The December 31, 2019 (pre-closing) adjusted trial balance for Pringer Enterprises was as follows:
Account Title | Debits | Credits |
Accounts payable |
| 90,000 |
Accounts receivable | 170,000 |
|
Accumulated depreciation equipment |
| 260,000 |
Common stock |
| 490,000 |
Cash | 26,000 |
|
Cost of goods sold | 480,000 |
|
Depreciation expense | 60,000 |
|
Equipment | 700,000 |
|
Interest expense | 4,000 |
|
Inventory | 150,000 |
|
Note payable (due in six months) |
| 60,000 |
Rent expense | 30,000 |
|
Retained earnings |
| 62,000 |
Salaries and wages payable |
| 8,000 |
Sales revenue |
| 770,000 |
Salaries expense | 120,000 |
|
TOTALS | 1,740,000 | 1,740,000 |
Required : Assuming no income taxes, compute the following, and place your answer in the space provided:
A) 2019 net income (or loss).___________________
B) Current Assets___________________
- Current Liabilities__________________
- Shareholder equity__________________
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started