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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 _and (net of depreciation) ncome Taxes Payable Depreciation Expense Machine Accumulated Depreciation Machine $1,070 $1,070 $5,620 $9,000 $7,000 $5,620 $17,000 $7,000 $11,000 $1,070 12/31/20X2 $20,000 $19,000 $5,620 $6,000 $3,000 $1,070 $17,000 $1,070 $12,000 $8,000 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 _and (net of depreciation) ncome Taxes Payable Depreciation Expense Machine Accumulated Depreciation Machine $1,070 $1,070 $5,620 $9,000 $7,000 $5,620 $17,000 $7,000 $11,000 $1,070 12/31/20X2 $20,000 $19,000 $5,620 $6,000 $3,000 $1,070 $17,000 $1,070 $12,000 $8,000 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
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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 Retained Earnings Inventory $1,070 $1,070 $5,620 $9,000 $7,000 $5,620 $17,000 $7,000 $11,000 $1,070 $21,000 $1,070 12/31/20X2 Required 1: ABA's Current assets as of 12/31/20X2 must have been: $ 7760 $20,000 $19,000 $5,620 $6,000 $3,000 $1,070 $17,000 $1,070 $12,000 $8,000 $20,000 $5,620 Required 2: ABA's Non Current Assets as of 12/31/20X2 must have been: $26000 ✪ Required 3: ABA's Total Assets as of 12/31/20X2 must have been: $33760 ✪ Required 4: ABA's Current Liabilities as of 12/31/20X2 must have been: $ 13690 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: $ 13690 Required 7: ABA's Owner's Equity as of 12/31/20X2 must have been: $ 21000 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 Retained Earnings Inventory $1,070 $1,070 $5,620 $9,000 $7,000 $5,620 $17,000 $7,000 $11,000 $1,070 $21,000 $1,070 12/31/20X2 Required 1: ABA's Current assets as of 12/31/20X2 must have been: $ 7760 $20,000 $19,000 $5,620 $6,000 $3,000 $1,070 $17,000 $1,070 $12,000 $8,000 $20,000 $5,620 Required 2: ABA's Non Current Assets as of 12/31/20X2 must have been: $26000 ✪ Required 3: ABA's Total Assets as of 12/31/20X2 must have been: $33760 ✪ Required 4: ABA's Current Liabilities as of 12/31/20X2 must have been: $ 13690 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: $ 13690 Required 7: ABA's Owner's Equity as of 12/31/20X2 must have been: $ 21000 Required 8: ABA's Total Liabilities and Owner's Equity as of 12/31/20X2 must have been: $ 12/31/20X1
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