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The following accounts are from XYZ, Inc. Balance Sheet as of December 31, 2020: Requirements: 1. What is the amount of XYZ's total Non-Current assets as of December 31, 2020? 2. Identify the accounts listed above that are Current liabilities. 3. What is the amount of XYZ's retained earnings as of December 31, 2020? (Hint: use the extended accounting equation

The following accounts are from XYZ, Inc. Balance Sheet as of December 31, 2020: Requirements: 1. What is the amount of XYZ's total Non-Current assets as of December 31, 2020? 2. Identify the accounts listed above that are Current liabilities. 3. What is the amount of XYZ's retained earnings as of December 31, 2020? (Hint: use the extended accounting equation

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 following accounts are from XYZ, Inc. Balance Sheet as of December 31, 2020: Requirements: 1. What is the amount of XYZ's total Non-Current assets as of December 31, 2020? 2. Identify the accounts listed above that are Current liabilities. 3. What is the amount of XYZ's retained earnings as of December 31, 2020? (Hint: use the extended accounting equation) 4. Prepare a balance sheet for XYZ as of December 31, 2020.
Building 25,000 OMR Salaries Payable |Cash Share Capital 10,000 OMR 15,000 OMR 75,000 OMR Intangible Assets: Patents and Trade Mark Account Receivable |60,000 OMR 3,000 OMR Notes Payable Retained Earnings |4,500 OMR ?
Transcribed Image Text:Building 25,000 OMR Salaries Payable |Cash Share Capital 10,000 OMR 15,000 OMR 75,000 OMR Intangible Assets: Patents and Trade Mark Account Receivable |60,000 OMR 3,000 OMR Notes Payable Retained Earnings |4,500 OMR ?
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