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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F007b4fe8-46b7-429f-b732-ac3decc38349%2F727de3ab-33ae-424b-b6ec-77e3137d40e2%2Fynbgwy_processed.jpeg&w=3840&q=75)
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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