Homework Help is Here – Start Your Trial Now!
Business
Accounting
ABA Ltd. Has collected the following data and asks you to prepare the Balance Sheet at 12/31/20X2: Balance Sheet Items Accounts Payable to Suppliers Accounts Receivable from Customers Mortgage Payable Machine Cost of Goods Sold Cash Land (net of depreciation) Income Taxes Payable Depreciation Expense Machine Accumulated Depreciation Machine $905 $905 $5,180 $11,000 $7,000 $5,180 $17,000 $7,000 $11,000 $905 $21,000 $905 12/31/20X2 Retained Earnings Inventory Required 1: ABA's Current assets as of 12/31/20X2 must have been: $ Required 2: ABA's Non Current Assets as of 12/31/20X2 must have been: $ Required 3: ABA's Total Assets as of 12/31/20X2 must have been: $ $20,000 $19,000 $5,180 $6,000 $3,000 $905 $17,000 $905 $12,000 $8,000 $20,000 $5,180 12/31/20X1

ABA Ltd. Has collected the following data and asks you to prepare the Balance Sheet at 12/31/20X2: Balance Sheet Items Accounts Payable to Suppliers Accounts Receivable from Customers Mortgage Payable Machine Cost of Goods Sold Cash Land (net of depreciation) Income Taxes Payable Depreciation Expense Machine Accumulated Depreciation Machine $905 $905 $5,180 $11,000 $7,000 $5,180 $17,000 $7,000 $11,000 $905 $21,000 $905 12/31/20X2 Retained Earnings Inventory Required 1: ABA's Current assets as of 12/31/20X2 must have been: $ Required 2: ABA's Non Current Assets as of 12/31/20X2 must have been: $ Required 3: ABA's Total Assets as of 12/31/20X2 must have been: $ $20,000 $19,000 $5,180 $6,000 $3,000 $905 $17,000 $905 $12,000 $8,000 $20,000 $5,180 12/31/20X1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
I really need help solving this problem please
ABA Ltd. Has collected the following data and asks you to prepare the Balance Sheet at 12/31/20X2: Balance Sheet Items Accounts Payable to Suppliers Accounts Receivable from Customers Mortgage Payable Machine Cost of Goods Sold Cash Land (net of depreciation) Income Taxes Payable Depreciation Expense Machine Accumulated Depreciation Machine $905 $905 $5,180 $11,000 $7,000 $5,180 $17,000 $7,000 $11,000 $905 $21,000 $905 12/31/20X2 $20,000 $19,000 $5,180 $6,000 $3,000 $905 $17,000 $905 $12,000 $8,000 $20,000 $5,180 Retained Earnings Inventory Required 1: ABA's Current assets as of 12/31/20X2 must have been: $ Required 2: ABA's Non Current Assets as of 12/31/20X2 must have been: $ Required 3: ABA's Total Assets as of 12/31/20X2 must have been: $ Required 4: ABA's Current Liabilities as of 12/31/20X2 must have been: $ Required 5: ABA's Non Current liabilities as of 12/31/20X2 must have been: $ Required 6: ABA's Total Liabilities as of 12/31/20X2 must have been: $ Required 7: ABA's Owner's Equity as of 12/31/20X2 must have been: $ Required 8: ABA's Total Liabilities and Owner's Equity as of 12/31/20X2 must have been: $ 12/31/20X1
Transcribed Image Text:ABA Ltd. Has collected the following data and asks you to prepare the Balance Sheet at 12/31/20X2: Balance Sheet Items Accounts Payable to Suppliers Accounts Receivable from Customers Mortgage Payable Machine Cost of Goods Sold Cash Land (net of depreciation) Income Taxes Payable Depreciation Expense Machine Accumulated Depreciation Machine $905 $905 $5,180 $11,000 $7,000 $5,180 $17,000 $7,000 $11,000 $905 $21,000 $905 12/31/20X2 $20,000 $19,000 $5,180 $6,000 $3,000 $905 $17,000 $905 $12,000 $8,000 $20,000 $5,180 Retained Earnings Inventory Required 1: ABA's Current assets as of 12/31/20X2 must have been: $ Required 2: ABA's Non Current Assets as of 12/31/20X2 must have been: $ Required 3: ABA's Total Assets as of 12/31/20X2 must have been: $ Required 4: ABA's Current Liabilities as of 12/31/20X2 must have been: $ Required 5: ABA's Non Current liabilities as of 12/31/20X2 must have been: $ Required 6: ABA's Total Liabilities as of 12/31/20X2 must have been: $ Required 7: ABA's Owner's Equity as of 12/31/20X2 must have been: $ Required 8: ABA's Total Liabilities and Owner's Equity as of 12/31/20X2 must have been: $ 12/31/20X1
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Basic Accounting Terms
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS