1. Total current assets 2. Total property , plant , and equipment 3. Total assets 4. Total current liabilities 5. Total stockholders equity

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following accounts appeared on the trial balance of Ashanti Company at December 31 , 2020. Notes Payable (short-term ) $191,000 Accounts Receivable $518,600 Accumulated Depreciation - Bldg. 788,000 Prepaid Insurance 56,050 Supplies 37,850 Salaries and Wages Payable 35,200 Common Stock 1,125,000 Debt Investments (long -term ) 280,400 Unappropriated Retained Earnings 318,300 Cash 175,250 Inventory 1,580,200 Bonds Payable Due 1/1 / 2 1,200,000 Land 465,000 Allowance for Doubtful Accts .7,850 Trading Securities 72,300 Copyrights 192,950 Interest Payable 4,800 Notes Receivable (due in 6 months ) 138,050 Buildings 1,927,000 Income Taxes Payable 155,000 Accounts Payable 410,000 Preferred Stock 750,000 Additional Paid-in Capital163,500 Appropriated Retained Earnings 295,000 Instructions : Compute each of the following : You must show your work. You may type your answers in the text submission box below or you can use the "Add File" button to upload a Word file or an Excel file . If this option does not work please email me to let me know. 1. Total current assets 2. Total property , plant , and equipment 3. Total assets 4. Total current liabilities 5. Total stockholders equity

Expert Solution
Total Current Assets
Current Assets    
Accounts receivable       518,600  
(-) Allowance for doubtful debts          (7,580)  
Net Accounts Receivable                511,020
Prepaid Insurance                  56,050
Supplies                  37,850
Cash                 175,250
Inventory            1,580,200
Trading securities                  72,300
Notes receivable                138,050
Total            2,570,720

 

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