Q2. The following accounts were included on ABC Inc., adjusted trial balance atDecember 31, 2014: 5 Marks$ 9,20012,0005,50040,00010,0003,00060,0001,00039,0005,000Accounts payableAccounts receivableCashOwner's CapitalOwner's DrawingsInterest expenseNote payable, due 8/31/17SuppliesService revenueEquipment(a) What are total current assets? show working(b) What are total current liabilities? Show working

Current assets are those assets which can be converted into cash within a short period of time like…

Answered: (a) What are total current assets? show…

Business

Accounting

(a) What are total current assets? show working (b) What are total current liabilities? Show working

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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Question

Q2. The following accounts were included on ABC Inc., adjusted trial balance at
December 31, 2014: 5 Marks
$ 9,200
12,000
5,500
40,000
10,000
3,000
60,000
1,000
39,000
5,000
Accounts payable
Accounts receivable
Cash
Owner's Capital
Owner's Drawings
Interest expense
Note payable, due 8/31/17
Supplies
Service revenue
Equipment
(a) What are total current assets? show working
(b) What are total current liabilities? Show working

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