13) On December 31, 2023, Vivid Corporation prepared adjusting entries that included the following items: Depreciation expense: $43,400. Accrued sales revenue: $40,600. Accrued expenses: $16,800. Used insurance: $12,600; the insurance was initially recorded as prepaid. Rent revenue earned: $9,800; the rent was initially prepaid by the tenant and credited to unearned rent revenue. If Vivid Corporation reported total assets of $546,000 prior to the adjusting entries, how much are Vivid's total assets after the adjusting entries? A) $490,000 B) $540,400 c) $530,600 D) $523,600
13) On December 31, 2023, Vivid Corporation prepared adjusting entries that included the following items: Depreciation expense: $43,400. Accrued sales revenue: $40,600. Accrued expenses: $16,800. Used insurance: $12,600; the insurance was initially recorded as prepaid. Rent revenue earned: $9,800; the rent was initially prepaid by the tenant and credited to unearned rent revenue. If Vivid Corporation reported total assets of $546,000 prior to the adjusting entries, how much are Vivid's total assets after the adjusting entries? A) $490,000 B) $540,400 c) $530,600 D) $523,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
nku.3
Transcribed Image Text:13) On December 31, 2023, Vivid Corporation prepared adjusting entries that included the
following items:
Depreciation expense: $43,400.
Accrued sales revenue: $40,600.
Accrued expenses: $16,800.
Used insurance: $12,600; the insurance was initially recorded as prepaid.
Rent revenue earned: $9,800; the rent was initially prepaid by the tenant and credited to
unearned rent revenue.
If Vivid Corporation reported total assets of $546,000 prior to the adjusting entries, how
much are Vivid's total assets after the adjusting entries?
A) $490,000
B) $540,400
c) $530,600
D) $523,600
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education