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Required: Determine Total Assets (i.e. net of any contra accounts) at December 31, 20X1: Determine the Total Current Liabilities at December 31, 20X1: Determine Ending Retained Earnings at December 31, 20X1 (after closing):

Required: Determine Total Assets (i.e. net of any contra accounts) at December 31, 20X1: Determine the Total Current Liabilities at December 31, 20X1: Determine Ending Retained Earnings at December 31, 20X1 (after closing):

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 13GI
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. USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (3) QUESTIONS: The records of a company show the following account balances as of December 31, 20X1 except were indicated otherwise. L- Note Payable (due Nov 1, 20X2) Revenues Supplies Expense Insurance Expense Depreciation Expense Common Stock (Jan. 1, 20X1) Deferred Revenues Equipment Cost of goods sold Allowance for Doubtful Accounts $ 2,000 55,600 Supplies 6,600 800 100 18,000 11,500 15,000 27,000 Retained Earnings (Jan. 1, 20X1) 600 Cash Prepaid Advertising Rent Expense Accounts Receivable Accounts Payable Accumulated Depreciation Inventory Discount on Note Payable $ 3,900 700 6,900 1,200 6,900 19,500 1,600 2,000 8,000 500 The owner of the company made an additional investment of $2,000 in the business during the year in exchange for common stock and dividends of $4,000 were declared and paid. The Deferred Revenues represent a prepayment received from a customer and 80% of these services will be completed by December 31, 20X2. Required: Determine Total Assets (i.e. net of any contra accounts) at December 31, 20X1: Determine the Total Current Liabilities at December 31, 20X1: Determine Ending Retained Earnings at December 31, 20X1 (after closing):
Transcribed Image Text:. USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT (3) QUESTIONS: The records of a company show the following account balances as of December 31, 20X1 except were indicated otherwise. L- Note Payable (due Nov 1, 20X2) Revenues Supplies Expense Insurance Expense Depreciation Expense Common Stock (Jan. 1, 20X1) Deferred Revenues Equipment Cost of goods sold Allowance for Doubtful Accounts $ 2,000 55,600 Supplies 6,600 800 100 18,000 11,500 15,000 27,000 Retained Earnings (Jan. 1, 20X1) 600 Cash Prepaid Advertising Rent Expense Accounts Receivable Accounts Payable Accumulated Depreciation Inventory Discount on Note Payable $ 3,900 700 6,900 1,200 6,900 19,500 1,600 2,000 8,000 500 The owner of the company made an additional investment of $2,000 in the business during the year in exchange for common stock and dividends of $4,000 were declared and paid. The Deferred Revenues represent a prepayment received from a customer and 80% of these services will be completed by December 31, 20X2. Required: Determine Total Assets (i.e. net of any contra accounts) at December 31, 20X1: Determine the Total Current Liabilities at December 31, 20X1: Determine Ending Retained Earnings at December 31, 20X1 (after closing):
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