Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is total current assets on this company's balance sheet? A Question 66 (1 point) What is the correct order for the current assets section

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

What is total current assets on this company's balance sheet? A Question 66 (1 point) What is the correct order for the current assets section of this company's balance sheet? a) Cash (beginning of year), Accounts receivable, Prepaid expenses, Prepaid rent, Supplies b) Cash (end of year), Accounts receivable, Prepaid rent, Supplies, Website design, Business licence c) Cash (end of year), Accounts receivable, Prepaid expenses, Prepaid rent, Supplies d) Cash (beginning of year), Accounts receivable, Prepaid rent, Supplies e) Cash (end of year), Accounts receivable, Prepaid rent, Supplies Question 67 (1 point) What is the correct order for the intangible section of the balance sheet? a) Website design, Business licence, Prepaid rent, Prepaid expenses Milo Inc. had the following account balances at December 31, 2021: Account Name Amount Dividends $2,750 Prepaid expenses 1,800 Interest expense 1,150 Website expense 800) Accounts receivable 31,325 Deferred revenue 1,500 Income tax expense 5,275 Collections from customers 44,375 Purchase of intangibles 1,310 Payments to suppliers 41,840 Car expense 2,125 Retained earnings (beginning of year) 10,235 Payment of dividends 2,750 Rent expense 2,400 Supplies expense 1,500 Cash (beginning of year) 37,625 Service revenue 33,150 Cash received from debt 15,000 Prepaid rent 1,200 Supplies 1,875 Business licence 60 Cash (end of year) 52,350 Income tax payable 1,200 Owner's capital 17,500 Website design 1,250 Entertainment expense 575) Contributions by owners 1,250 Accounts payable 27,850 Bank loan payable, due in 2025 15,000 What is the correct order for the intangible section of the balance sheet? a) Website design, Business licence, Prepaid rent, Prepaid expenses b) Prepaid rent, Prepaid expenses, Supplies c) Website design, Business licence d) Website design, Prepaid rent, Prepaid expenses e) Business licence, Supplies, Website design f) Business licence, Prepaid expenses, Website design Question 68 (2 points) What is total assets on this company's balance sheet? A Question 69 (2 points) What is total current liabilities on this company's balance sheet? A/ Question 70 (1 point) What is the correct order for the current liabilities section of the balance sheet? a) Accounts payable, Income tax payable, Payments to suppliers b) Accounts payable, Deferred revenue, Income tax payable c) Accounts payable, Income tax payable, Bank loan payable d) Accounts payable, payments to suppliers, deferred revenue, income tax payable e) Accounts payable, Income tax payable f) Bank loan payable, Income tax payable, Accounts payable, Deferred revenue Question 71 (2 points) What is total liabilities on this company's balance sheet? A/ Question 72 (2 points) What is total equity on this company's balance sheet? A

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

Basic Accounting Auditing Concepts Internal Auditing And Guiding

Authors: Bertram Bessette

1st Edition

B09PMFWVSJ, 979-8796265253

More Books

Students also viewed these Accounting questions