Use the following account balance information to compute TOTAL ASSETS as of the END of the...
Use the following account balance information to compute TOTAL ASSETS as of the END of the year.
Salary Expense $18,000
Unearned Service Revenue 4,700
Paid-in Capital 2,000
Cash 800
Service Revenue 20,000
Rent Expense 6,400
Retained Earnings (beginning) 1,500
Prepaid Rent Expense 3,000
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Homework Answers
Ans:$3800 is correct Answer
Total Assets =$3800
Explanation:
i.e Cash + Prepaid Rent Expense= $800 +3000 = $3800
or we can calculate in this way ;
Net profit or Loss +Liabilities+ Capital
=Service revenue-(Salary Expense + Rent Expense)+Unearned service revenue+ Paid in capital + retained Earnings
=200000-(18000+6400)+4700+2000+1500
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Use the following account balance information to compute TOTAL
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classified balance sheet at December 31 of the current year. Use
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for several of the balance-sheet accounts.
Let's prepare the balance sheet for Emerson Production
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(If a box is not used in the balance sheet leave the...
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Book:
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