The following items are taken from the financial statements of the Riverbed Service for the year ending December 31, 2020: Accounts payable $ 18400 Accounts receivable 11000 Accumulated depreciation – equipment 27800 Advertising expense 20900 Cash 15000 Owner’s capital (1/1/20) 100600 Owner's drawings 13800 Depreciation expense 12300 Insurance expense 3100 Note payable, due 6/30/21 69200 Prepaid insurance (12-month policy) 6200 Rent expense 16900 Salaries and wages expense 31800 Service revenue 132300 Supplies 4100 Supplies expense 5900 Equipment 207300 What is the balance that would be reported for owner’s equity at December 31, 2020?
The following items are taken from the financial statements of the Riverbed Service for the year ending December 31, 2020: Accounts payable $ 18400 Accounts receivable 11000 Accumulated depreciation – equipment 27800 Advertising expense 20900 Cash 15000 Owner’s capital (1/1/20) 100600 Owner's drawings 13800 Depreciation expense 12300 Insurance expense 3100 Note payable, due 6/30/21 69200 Prepaid insurance (12-month policy) 6200 Rent expense 16900 Salaries and wages expense 31800 Service revenue 132300 Supplies 4100 Supplies expense 5900 Equipment 207300 What is the balance that would be reported for owner’s equity at December 31, 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following items are taken from the financial statements of the Riverbed Service for the year ending December 31, 2020:
| Accounts payable | $ 18400 |
| 11000 | |
| 27800 | |
| Advertising expense | 20900 |
| Cash | 15000 |
| Owner’s capital (1/1/20) | 100600 |
| Owner's drawings | 13800 |
| Depreciation expense | 12300 |
| Insurance expense | 3100 |
| Note payable, due 6/30/21 | 69200 |
| Prepaid insurance (12-month policy) | 6200 |
| Rent expense | 16900 |
| Salaries and wages expense | 31800 |
| Service revenue | 132300 |
| Supplies | 4100 |
| Supplies expense | 5900 |
| Equipment | 207300 |
What is the balance that would be reported for owner’s equity at December 31, 2020?
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