. USE THE FOLLOWING INFORMATION TO ANSWERTHE NEXT (3) QUESTIONS: The records of a companyshow the following account balances as of December31, 20X1 except were indicated otherwise.L- Note Payable (dueNov 1, 20X2)RevenuesSupplies ExpenseInsurance ExpenseDepreciation ExpenseCommon Stock (Jan.1, 20X1)Deferred RevenuesEquipmentCost of goods soldAllowance forDoubtful Accounts$2,00055,600 Supplies6,60080010018,00011,50015,00027,000Retained Earnings(Jan. 1, 20X1)600CashPrepaid AdvertisingRent ExpenseAccounts ReceivableAccounts PayableAccumulatedDepreciationInventoryDiscount on NotePayable$3,9007006,9001,2006,90019,5001,6002,0008,000500The owner of the company made an additionalinvestment of $2,000 in the business during the year inexchange for common stock and dividends of $4,000were declared and paid. The Deferred Revenuesrepresent a prepayment received from a customer and80% of these services will be completed by December31, 20X2.Required: Determine Total Assets (i.e. net of any contraaccounts) at December 31, 20X1:Determine the Total Current Liabilities at December 31,20X1:Determine Ending Retained Earnings at December 31,20X1 (after closing):

Name: . USE THE FOLLOWING INFORMATION TO ANSWERTHE NEXT (3) QUESTIONS: The
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Description: . USE THE FOLLOWING INFORMATION TO ANSWERTHE NEXT (3) QUESTIONS: The records of a companyshow the following account balances as of December31, 20X1 except were indicated otherwise.L- Note Payable (dueNov 1, 20X2)RevenuesSupplies ExpenseInsurance Exp

ASSETS Assets is a Economic Resources Controlled by the Organisation. Assets have Potential to…

Business

Accounting

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):

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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