The following aconunt baiances are taken from the December 31, 2020, financial atatents n ABZAdverteng Compeny The company uscc is accounting Advertising Revenue $4482 Cash 41,616 Accounts Recelvable 7.200 Interest Expense Accounts Payable Operating Expenses 37,460 Deferred Revenue 2.290 5,000 1.178 Equipment Income Tax Expense 2,326 18,048 The following activities occurred in 2021 1. Performed advertising services on account, $55,000. 2 Received oash payments on account, $10,400. 3. Received deposits from customers for advertising services to be performed in 2022, $2,500. 4. Made payments to suppliers on account, $5,000. 5. Incurred $45,000 of operating expenses; $39,000 was paid in cash and $6,000 was on account and unpaid as of the end of the year. is the balance of Accounts Receivable at December 31, 20217 $55,000. $51,89 554,396 44,600. one of the above.

The following aconunt baiances are taken from the December 31, 2020, financial atatents n ABZAdverteng Compeny The company uscc is accounting Advertising Revenue $4482 Cash 41,616 Accounts Recelvable 7.200 Interest Expense Accounts Payable Operating Expenses 37,460 Deferred Revenue 2.290 5,000 1.178 Equipment Income Tax Expense 2,326 18,048 The following activities occurred in 2021 1. Performed advertising services on account, $55,000. 2 Received oash payments on account, $10,400. 3. Received deposits from customers for advertising services to be performed in 2022, $2,500. 4. Made payments to suppliers on account, $5,000. 5. Incurred $45,000 of operating expenses; $39,000 was paid in cash and $6,000 was on account and unpaid as of the end of the year. is the balance of Accounts Receivable at December 31, 20217 $55,000. $51,89 554,396 44,600. one of the above.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Haresh
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
* Question Completion Status: 1. 4 6 7 8 10 11 12 Presented below are selected account balances for DEF Corporation as of December 31, 2021. (All accounts have their normal balances) Inventory 12/31/21 $65,000 Cost of Goods Sold $230,000 Sales Revenue 450,000 Selling Expenses 26,000 Interest Revenue 10,000 Administrative Expenses 28,000 Dividends 20,000 Income Tax Expense 20,000 Common Stock 70,000 Retained Earnings 48,000 Rent Revenue 13,000 Allowance for Doubtful Accounts 11,000 Accounts Receivables 88,000 Rent Expense 16,000 Instructions: Prepare the necessary closing entries for DEF Corporation on December 31, 2021. Select and copy the table below to answer in the space provided. Account Description Debit Credit Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Close Window Save and Submit
Pro Forma Financial Statement Information for Ideko 2014 - 2019 Year 1. Raw Material 2. Depreciation 3. Wages Payable 4. Interest Expense 5. Finished Goods 6. Other Accounts Payable 7. Accounts Receivable 8. Cash Balance 10. Interest Tax $22,170 $30,510 $35,195 $26,420 $21,260 2014 1,973 5,500 1,294 75 4,192 3,360 18,493 6,164 3,736 2015 1,534 5,450 1,433 6,800 4,967 4,099 14,525 7,262 2,796 2016 1,775 5,405 1,695 6,800 5,838 4,953 16,970 8,485 3,364 2017 2,039 6,865 1,941 6,800 6,815 5,938 19,689 9,845 3,748 The amount of net working capital for Ideko in 2017 is closest to: 2018 2,329 7,678 2,211 7,820 7,911 6,900 22,709 11,355 4,513 2019 2,646 7,710 2,570 8,160 9,138 7,878 26,059 13,030 5,678
Accounts Payable$ 46,000 Accounts Receivable23, 800Cash (balance on January 1, 2021)90, 400Cash ( balance on December 31, 2021)78,000Common Stock152, 500 Dividends0Equipment137, 700Income Tax Expense10, 200Interest Expense 29, 600Inventory 17, 300Notes Payable25,000Office Expense 14, 400Prepaid Rent7, 100 Retained Earnings (beginning)6, 800Salaries and Wages Expense35, 800Service Revenue139,800 Utilities Expense25, 200Salaries and Wages Payable9, 000 Other cash flow information: Cash from issuing common stock$ 22,000Cash paid to reacquire common stock24, 500Cash paid for income taxes11, 100Cash paid to purchase long-term assets53, 400Cash paid to suppliers and employees84, 400Cash received from customers139,000 Prepare a statement of retained earnings for 2021.
Denger