XYZ Corporation's trial balance contained the following account balances at December 31, 2021:Accumulated Depreciation--Equipment$45,00015,000Short-Term InvestmentsPrepaid Insurance3,000Cash33,000...90,000Inventory of MerchandiseEquipment and FurniturePatent54,00012,000Accounts Receivable (net)48,000Land Held for Future Business Site75,000On XYZ's December 31, 2021, balance sheet, the current assets total should be

Name: XYZ Corporation's trial balance contained the following account balan
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Description: XYZ Corporation's trial balance contained the following account balances at December 31, 2021:Accumulated Depreciation--Equipment$45,00015,000Short-Term InvestmentsPrepaid Insurance3,000Cash33,000...90,000Inventory of MerchandiseEquipment and Furnit

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XYZ Corporation's trial balance contained the following account balances at December 31, 2021 Accumulated Depreciation--Equipment Short-Term Investments Prepaid Insurance Cash $45,000 15,000 3,000 33,000 90,000 Inventory of Merchandise Equipment and Furniture Patent.....….. 54,000 12,000 Accounts Receivable (net) 48,000 Land Held for Future Business Site 75,000 On XYZ's December 31, 2021, balance sheet, the current assets total should be

XYZ Corporation's trial balance contained the following account balances at December 31, 2021 Accumulated Depreciation--Equipment Short-Term Investments Prepaid Insurance Cash $45,000 15,000 3,000 33,000 90,000 Inventory of Merchandise Equipment and Furniture Patent.....….. 54,000 12,000 Accounts Receivable (net) 48,000 Land Held for Future Business Site 75,000 On XYZ's December 31, 2021, balance sheet, the current assets total should be

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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Hybrid Dealers bought computer equipment for R54 000 on 1 July 2018. The equipment is depreciated at 20% according to the diminishing balance method. Prepare the depreciation and closing transfer entries in the general journal of Hybrid Dealers on 31 March 2019 and 31 March 2020.
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I only need help for question BE 11.3 in Accounting.
On January 1, 2021 Asset of ABC Company was P2,500,000 and its liabilities was P800,000. By December 31, 2021 Asset of ABC Company was P4,700,000 and its liabilities was P1,200,000. During the year the owner withdrew merchandise costing P100,000 with a sales value of P150,000. The owner also paid a P1,000,000 notes payable of the business with interest of 12% for nine months with a check drawn on a personal checking account. How much is the net income (loss) for ABC Company as of December 31, 2021?
Hybrid Dealers bought computer equipment for R54 000 on 1 July 2018. Theequipment is depreciated at 20% according to the diminishing balance method.Required:Prepare the depreciation and closing transfer entries in the general journal ofHybrid Dealers on 31 March 2019 and 31 March 2020 respectively.
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