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The adjusted trial balance for Cortez Company at December 31, 2024 is presented below: Accounts Cash Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation Accounts payable Salaries payable Interest payable Notes payable (due in two years) Common stock Retained earnings Dividends Service revenue Salaries expense Advertising expense Rent expense Debit $ 20,000 157,000 6,000 27,000 310,000 22,000 186,000 75,000 20.000 Credit $ 129,000 16,000 3,600 1,300 20,000 170,000 115,100 440,000

The adjusted trial balance for Cortez Company at December 31, 2024 is presented below: Accounts Cash Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation Accounts payable Salaries payable Interest payable Notes payable (due in two years) Common stock Retained earnings Dividends Service revenue Salaries expense Advertising expense Rent expense Debit $ 20,000 157,000 6,000 27,000 310,000 22,000 186,000 75,000 20.000 Credit $ 129,000 16,000 3,600 1,300 20,000 170,000 115,100 440,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The adjusted trial balance for Cortez Company at December 31, 2024 is presented below: Debit $ 20,000 157,000 6,000 27,000 310,000 Cash Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation Accounts payable. Salaries payable Interest payable Accounts Notes payable (due in two years) Common stock Retained earnings Dividends Service revenue Salaries expense Advertising expense Rent expense Depreciation expense Interest expense Utilities expense Totals Current assets: Total current assets Long-term assets: Prepare a classified balance sheet for Cortez Company as of December 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) Assets Total long-term assets Total assets Credit $ $ 129,000 16,000 3,600 1,300 22,000 186,000 75,000 20,000 35,000 2,000 35,000 $ 895,000 $ 895,000 $ 20,000 170,000 115,100 440,000 CORTEZ COMPANY Balance Sheet As of December 31, 2024 0 0 0 Current liabilities: Total current liabilities Long-term liabilities: Liabilities and Stockholders' Equity Total liabilities Stockholders' Equity: Total stockholders' equity Total liabilities and stockholders' equity $ $ 0 0 0 0
Transcribed Image Text:The adjusted trial balance for Cortez Company at December 31, 2024 is presented below: Debit $ 20,000 157,000 6,000 27,000 310,000 Cash Accounts receivable Prepaid rent Supplies Equipment Accumulated depreciation Accounts payable. Salaries payable Interest payable Accounts Notes payable (due in two years) Common stock Retained earnings Dividends Service revenue Salaries expense Advertising expense Rent expense Depreciation expense Interest expense Utilities expense Totals Current assets: Total current assets Long-term assets: Prepare a classified balance sheet for Cortez Company as of December 31, 2024. (Amounts to be deducted should be indicated with a minus sign.) Assets Total long-term assets Total assets Credit $ $ 129,000 16,000 3,600 1,300 22,000 186,000 75,000 20,000 35,000 2,000 35,000 $ 895,000 $ 895,000 $ 20,000 170,000 115,100 440,000 CORTEZ COMPANY Balance Sheet As of December 31, 2024 0 0 0 Current liabilities: Total current liabilities Long-term liabilities: Liabilities and Stockholders' Equity Total liabilities Stockholders' Equity: Total stockholders' equity Total liabilities and stockholders' equity $ $ 0 0 0 0
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