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When preparing a report form of a Balance Sheet for $50,000; Accounts Receivable, $60,000; Merchandise Inventory, $100,000; Land, $30,000; Equipment, $140,000; Accumulated Depreciation-Equipment, $40,000. What would be the book value of the Equipment for this Balance Sheet? handising business, assume that tne Adjusted Trial Balance has the following accounts and balances: Cash, O $100,000 O $40,000 O $140,000 O $180,000

When preparing a report form of a Balance Sheet for $50,000; Accounts Receivable, $60,000; Merchandise Inventory, $100,000; Land, $30,000; Equipment, $140,000; Accumulated Depreciation-Equipment, $40,000. What would be the book value of the Equipment for this Balance Sheet? handising business, assume that tne Adjusted Trial Balance has the following accounts and balances: Cash, O $100,000 O $40,000 O $140,000 O $180,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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### Accounting and Financial Reporting: Sample Questions for Balance Sheet Preparation This section includes sample questions on preparing Balance Sheets. These questions are designed to test your understanding of financial reporting for merchandising businesses. --- #### Question 38 **Scenario:** When preparing a report form of a Balance Sheet for a merchandising business, assume that the Adjusted Trial Balance has the following accounts and balances: - **Cash:** $50,000 - **Accounts Receivable:** $60,000 - **Merchandise Inventory:** $100,000 - **Land:** $30,000 - **Equipment:** $140,000 - **Accumulated Depreciation-Equipment:** $40,000 **Question:** What would be the book value of the Equipment for this Balance Sheet? **Answer Choices:** - \( \circ \) $100,000 - \( \circ \) $40,000 - \( \circ \) $140,000 - \( \circ \) $180,000 --- #### Question 39 **Scenario:** When preparing a report form of a Balance Sheet for a merchandising business, assume that the Adjusted Trial Balance has the following accounts and balances: - **Accounts Payable:** $22,000 - **Customers Refund Payable:** $3,000 - **Wages Payable:** $2,000 - **Mortgage Notes Payable (due in 10 years):** $123,000 (current portion of the note, $3,000) **Question:** What would be the Total Current Liabilities for this Balance Sheet? **Answer Choices:** - \( \circ \) $150,000 - \( \circ \) $30,000 - \( \circ \) $27,000 - \( \circ \) $25,000 --- #### Question 40 **Scenario:** When preparing a report form of a Balance Sheet for a merchandising business, assume that the Adjusted Trial Balance has the following accounts and balances: - **Accounts Payable:** $22,000 - **Customers Refund Payable:** $3,000 - **Wages Payable:** $2,000 - **Mortgage Notes Payable (due in 10 years):** $123,000 (current portion of the note, $3,000) **Question:** What would be the Total Liabilities for this Balance Sheet? **Answer Choices:** - \(
Transcribed Image Text:### Accounting and Financial Reporting: Sample Questions for Balance Sheet Preparation This section includes sample questions on preparing Balance Sheets. These questions are designed to test your understanding of financial reporting for merchandising businesses. --- #### Question 38 **Scenario:** When preparing a report form of a Balance Sheet for a merchandising business, assume that the Adjusted Trial Balance has the following accounts and balances: - **Cash:** $50,000 - **Accounts Receivable:** $60,000 - **Merchandise Inventory:** $100,000 - **Land:** $30,000 - **Equipment:** $140,000 - **Accumulated Depreciation-Equipment:** $40,000 **Question:** What would be the book value of the Equipment for this Balance Sheet? **Answer Choices:** - \( \circ \) $100,000 - \( \circ \) $40,000 - \( \circ \) $140,000 - \( \circ \) $180,000 --- #### Question 39 **Scenario:** When preparing a report form of a Balance Sheet for a merchandising business, assume that the Adjusted Trial Balance has the following accounts and balances: - **Accounts Payable:** $22,000 - **Customers Refund Payable:** $3,000 - **Wages Payable:** $2,000 - **Mortgage Notes Payable (due in 10 years):** $123,000 (current portion of the note, $3,000) **Question:** What would be the Total Current Liabilities for this Balance Sheet? **Answer Choices:** - \( \circ \) $150,000 - \( \circ \) $30,000 - \( \circ \) $27,000 - \( \circ \) $25,000 --- #### Question 40 **Scenario:** When preparing a report form of a Balance Sheet for a merchandising business, assume that the Adjusted Trial Balance has the following accounts and balances: - **Accounts Payable:** $22,000 - **Customers Refund Payable:** $3,000 - **Wages Payable:** $2,000 - **Mortgage Notes Payable (due in 10 years):** $123,000 (current portion of the note, $3,000) **Question:** What would be the Total Liabilities for this Balance Sheet? **Answer Choices:** - \(
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