1) What is the Total Current Asset in the Balance Sheet at the year-end?a) 335,500b) 361,500c) 326,500d) None of the above2) What is the Total Current Liability in the BalanceSheet at the year-end?a) 2,000b) 16,000c) 18,000d) 26,000 ABC Inc. established its operation at January 1st, 2014.A) Enter all necessery Journal Entries that occured during the year.B) Then prepare the adjusting entries, closing entries, financials, worksheet & T accounts.1) In January, Initial stock issuance:2) Bought Equipment for $ 28000, 10 years life, $8000 residual value3) November, paid total utility bills:4) In January, paid in advance rent for the two years:5) In February, received prepayment from a customer for service to be provided:6) Dec. 31st 2014, unearned revenue balance7) In December, Dividend declared:$280,000$28,000 $8,000$4,500$18,000$97,000$2,000$16,000

Financial Statement: An organization's cash flows, financial status, and financial results are all…

Answered: ABC Inc. established its operation at…

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

1) What is the Total Current Asset in the Balance Sheet at the year-end?

a) 335,500

b) 361,500

c) 326,500

d) None of the above

2) What is the Total Current Liability in the Balance

Sheet at the year-end?

a) 2,000

b) 16,000

c) 18,000

d) 26,000

ABC Inc. established its operation at January 1st, 2014.
A) Enter all necessery Journal Entries that occured during the year.
B) Then prepare the adjusting entries, closing entries, financials, worksheet & T accounts.
1) In January, Initial stock issuance:
2) Bought Equipment for $ 28000, 10 years life, $8000 residual value
3) November, paid total utility bills:
4) In January, paid in advance rent for the two years:
5) In February, received prepayment from a customer for service to be provided:
6) Dec. 31st 2014, unearned revenue balance
7) In December, Dividend declared:
$280,000
$28,000 $8,000
$4,500
$18,000
$97,000
$2,000
$16,000

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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