ABC Company reported the following accounts in its unadjusted trial balance at December 31, 2027: Dividends ................... $ 14,000 Income Tax Expense .......... $ 25,000 Interest Revenue ............ $ 31,000 Salaries Expense ............ $ 33,000 Cash ........................ $ 36,000 Prepaid Insurance ........... $ 42,000 Unearned Revenue ............ $ 51,000 Cost of Goods Sold .......... $ 53,000 Accounts Receivable ......... $ 57,000 Land ........................ $ 69,000 Accounts Payable ............ $ 81,000 Trademark ................... $ 88,000 Inventory ................... $ 91,000 Retained Earnings ........... $105,000 (at January 1, 2027) Sales Revenue ............... $117,000 Common Stock ................ $123,000 As of December 31, 2027, ABC Company needs to record adjusting entries related to the following three items: 1) The prepaid insurance relates to a two-year insurance policy that ABC Company purchased on June 1, 2027. 2) A utility bill totaling $9,000 was received in late December. ABC Company expects to pay the bill in January, 2028. 3) The unearned revenue relates to a $51,000 payment received by ABC Company on August 1, 2027. The payment was from a customer who paid ABC for services to be provided each month for twenty months, beginning on August 1, 2027. Calculate ABC Company's total assets at December 31, 2027 after the appropriate adjusting entries have been recorded and posted. （total liabilities and net income as well plz）
ABC Company reported the following accounts in its unadjusted
Dividends ................... $ 14,000
Income Tax Expense .......... $ 25,000
Interest Revenue ............ $ 31,000
Salaries Expense ............ $ 33,000
Cash ........................ $ 36,000
Prepaid Insurance ........... $ 42,000
Unearned Revenue ............ $ 51,000
Cost of Goods Sold .......... $ 53,000
Land ........................ $ 69,000
Accounts Payable ............ $ 81,000
Trademark ................... $ 88,000
Inventory ................... $ 91,000
Sales Revenue ............... $117,000
Common Stock ................ $123,000
As of December 31, 2027, ABC Company needs to record
（total liabilities and net income as well plz）
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 6 images
