If you could explain/show how you came to your answer that would be great! Listed below...
If you could explain/show how you came to your answer that would be great!
Listed below are the account balances of the Soloman Corporation:
|
Accounts Payable |
$ 63,000 |
|
Building |
190,000 |
|
Cash |
88,000 |
|
Common Stock |
150,000 |
|
Dividends |
5,000 |
|
Land |
160,000 |
|
Miscellaneous Expense |
3,000 |
|
Service Revenue |
250,000 |
|
Equipment |
35,000 |
|
Note Payable due in 60 days |
125,000 |
|
Long-Term Debt |
13,000 |
|
Salary Expense |
120,000 |
Total Assets are:
A. $473,000.
B. $438,000.
C. $248,000.
D. $385,000.
Homework Answers
Answer: A. $473,000
Explanations:
| Assets: | |
| Building | 190,000 |
| Cash | 88,000 |
| Land | 160,000 |
| Equipment | 35,000 |
| Total Assets | 473,000 |
For others,
| Liabilities: | |
| Accounts Payable | 63,000 |
| Note Payable due in 60 days | 125,000 |
| Long-Term Debt | 13,000 |
| Stockholders' Equity: | |
| Common Stock | 150,000 |
| Dividends: | |
| Dividends | 5,000 |
| Revenues: | |
| Service Revenue | 250,000 |
| Expenses: | |
| Miscellaneous Expense | 3,000 |
| Salary Expense | 120,000 |
Add Answer to:
If you could explain/show how you came to your answer that would be great! Listed below...
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Debit
Credit
Cash/Bank
$ 441,730.00
Notes recievable
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-
Accounts recievable
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Interest Received
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410.00
Doubtfull debts
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2,930.00
Bad debts
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Inventories
$ 65,000.00
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$ 18,000.00
Utilities Expense
$ 12,000.00
office supplies
$
-
Supplies expense
$
8,000.00
Prepaid insurance
$
-
$
4,260.00
Rent
$ 29,800.00
Prepaid rent
$
5,000.00
Investment in securities
$ 180,000.00
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Listed below are the account balances of s of the Soloman Corporation: Accounts Payable Building Cash Common Stock Dividends Land Miscellaneous Expense Service Revenue Equipment Note Payable due in 60 days Long-Term Debt Salary Expense $ 63,000 190,000 88,000 150,000 5,000 160,000 3,000 250,000 35,000 125,000 13,000 120,000 ngol Total Assets are: a A. $473,000. B. $438,000. C. $248,000. 0 O D. $385,000.
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Given below are the account balances for Perniagaan Salam, and the necessary adjustments at year end. All accounts carry normal balances. Perniagaan Salam, Account Balances Year ended 31st December, 2019 Accounts Cash Accounts Receivables Supplies Prepaid Rent Furniture Accumulated Depreciation-Fumiture Land Accounts Payable Salary Payable Unearned Sales Revenue Capital Withdrawals Service Revenues Salary Expense Rent Expense Utilities Expense Maintenance Expense Supplies Expense Depreciation Expense-Furniture RM 98,000 22,000 39,000 7,000 41,000 8,000 120,000...
Prepare a Statement of Cash Flows using the direct method. Use
the following information:
The following information is available for 2017.
Equipment (cost $10,000 and accumulated depreciation $4,000)
was sold for $7,000. All other changes in Property, Plant and
Equipment accounts relate to purchases and depreciation expense,
respectively.
Intangible Assets costing $10,000 were purchased during
2017.
There were $25,000 in payments on the Bonds Payable during
2017
12/31/2016 Closing Trial Balance 55,000 70,000 (4,000) 80,000 9,000 - Cash Accounts Receivable...
Need Assistance on Closing Entries. If more info is needed
please let me know
Trial Balance
Particulars
Debit
Credit
Cash/Bank
$ 441,730.00
Notes recievable
$
-
Accounts recievable
$ 78,866.00
Interest Received
$
410.00
Doubtfull debts
$
2,930.00
Bad debts
$ 11,134.00
Inventories
$ 65,000.00
Prepaid utilities
$ 18,000.00
Utilities Expense
$ 12,000.00
office supplies
$
-
Supplies expense
$
8,000.00
Prepaid insurance
$
-
$
4,260.00
Rent
$ 29,800.00
Prepaid rent
$
5,000.00
Investment in securities
$ 180,000.00
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