On February 28, 2015, if Target Corporation reported total assets of $1,988,741 prior to the following...
On February 28, 2015, if Target Corporation reported total assets of $1,988,741 prior to the following adjusting entries (all numbers in this question are in thousands):
- Depreciation expense: $29,000
- Accrued service revenues: $32,000
- Accrued expenses: $10,000
- Used insurance: $6,000; the insurance was initially recorded as prepaid
- Rent revenue earned: $7,000; the rent was initially prepaid by the tenant
How much are Target Corporation's total assets after the adjusting entries above?
Homework Answers
Answer $1,978,741
A) Total assets $1,988,741
B) Depreciation $29,000
C) Accrued service revenue $32,000
D) Used insurance $6,000
E) Rent Revenue earned $7,000
Total Assets after adjustments (A - B + C - D -E) = $1,978,741
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