3 Enterprise Company had the following account totals as of December 31, 20X2: Cost of goods sold Accounts receivable Rent revenue Accounts payable Sales Inventory Bank loan payable" Cash Retained earnings (beginning of year, January 1, 20X2) Prepaid insurance (6-month insurance policy) Paid-in capital Equipment Unearned rent revenue (9-month contract) $150,000 100,000 ☐ $206,000 $168,000 $193,000 $183,000 10,000 25,000 200,000 50,000 20,000 18,000 80,000 15,000 38,000 45,000 5,000 "Of the $20,000 bank loan payable, $15,000 will be repaid in 20X3. What are Enterprise Company's TOTAL CURRENT ASSETS?

3 Enterprise Company had the following account totals as of December 31, 20X2: Cost of goods sold Accounts receivable Rent revenue Accounts payable Sales Inventory Bank loan payable" Cash Retained earnings (beginning of year, January 1, 20X2) Prepaid insurance (6-month insurance policy) Paid-in capital Equipment Unearned rent revenue (9-month contract) $150,000 100,000 ☐ $206,000 $168,000 $193,000 $183,000 10,000 25,000 200,000 50,000 20,000 18,000 80,000 15,000 38,000 45,000 5,000 "Of the $20,000 bank loan payable, $15,000 will be repaid in 20X3. What are Enterprise Company's TOTAL CURRENT ASSETS?

Name: 3Enterprise Company had the following account totals as of December 3
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Description: 3Enterprise Company had the following account totals as of December 31, 20X2:Cost of goods soldAccounts receivableRent revenueAccounts payableSalesInventoryBank loan payable"CashRetained earnings (beginning of year, January 1, 20X2)Prepaid insurance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

3
Enterprise Company had the following account totals as of December 31, 20X2:
Cost of goods sold
Accounts receivable
Rent revenue
Accounts payable
Sales
Inventory
Bank loan payable"
Cash
Retained earnings (beginning of year, January 1, 20X2)
Prepaid insurance (6-month insurance policy)
Paid-in capital
Equipment
Unearned rent revenue (9-month contract)
$150,000
100,000
☐ $206,000
$168,000
$193,000
$183,000
10,000
25,000
200,000
50,000
20,000
18,000
80,000
15,000
38,000
45,000
5,000
"Of the $20,000 bank loan payable, $15,000 will be repaid in 20X3.
What are Enterprise Company's TOTAL CURRENT ASSETS?

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