Cash on hand and in banks- Accounts receivable -- Merchandise inventory - - 50,000 - 350,000 -1,500,000 --30,000 Office supplies and materials Prepaid rent - warehouse ad store outlet - 120,000 Office equipment --- ---180,000 -- 680,000 Delivery vehicle- Accounts payable - Short-term notes payable - Accrued expenses Taxes payable - --320,000 80,000 - 30,000 - 10,000 500.000 Bank loan
Cash on hand and in banks- Accounts receivable -- Merchandise inventory - - 50,000 - 350,000 -1,500,000 --30,000 Office supplies and materials Prepaid rent - warehouse ad store outlet - 120,000 Office equipment --- ---180,000 -- 680,000 Delivery vehicle- Accounts payable - Short-term notes payable - Accrued expenses Taxes payable - --320,000 80,000 - 30,000 - 10,000 500.000 Bank loan
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
15 )

Transcribed Image Text:-- 50,000
Cash on hand and in banks
Accounts receivable -
Merchandise inventory -
- 350,000
-1,500,000
Office supplies and materials
---30,000
Prepaid rent - warehouse ad store outlet - 120,000
Office equipment --
---180,000
Delivery vehicle ---
-- 680,000
Accounts payable -
--320,000
Short-term notes payable
-- 80,000
Accrued expenses-
Taxes payable -
Bank loan ---
Common stock
--1,000,000
-970,000
Retained earnings
Sales --
Cost of sales
---5,000,000
- 3,000,000
--500,000
Selling expenses -
Administrative expenses
- 250,000
-- 20,000
Depreciation --
Using the above account balances, answer the questions below:
How much is the total current assets?
- - 30,000
- 10,000
-500,000
Expert Solution

This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps

Knowledge Booster
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


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education