. 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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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