A partial alphabetized list of adjusted account balances for Christmas Tours as at November 30, 2020, is shown (all accounts have normal balances): Accounts payable - 41,000 Accounts receivable - 19,000 Accumulated depreciation, furniture - 4,100 Accumulated depreciation, vehicles - 15,800 Cash - 7,200 Copyright- 9,000 Notes payable - 14,000 Notes payable 2 - 21,600 Notes receivable - 20,500 Furniture -6,500 Prepaid insurance - 4,600 Prepaid rent - 9,000 Salaries payable - 12,100 Supplies - 2,250 Unearned revenue - 23,000 Vehicles - 64,000 Note: $10,000 of Notes payable 2 is to be paid by November 30, 2021. $7,500 of the notes receivable is to be collected by November 30, 2021. Required: When preparing a classified balance sheet, what would the total of Property, Plant and Equipment be? Select one: a. 50,600 b. 110,900 c. 90,400 d. 122,150

A partial alphabetized list of adjusted account balances for Christmas Tours as at November 30, 2020, is shown (all accounts have normal balances): Accounts payable - 41,000 Accounts receivable - 19,000 Accumulated depreciation, furniture - 4,100 Accumulated depreciation, vehicles - 15,800 Cash - 7,200 Copyright- 9,000 Notes payable - 14,000 Notes payable 2 - 21,600 Notes receivable - 20,500 Furniture -6,500 Prepaid insurance - 4,600 Prepaid rent - 9,000 Salaries payable - 12,100 Supplies - 2,250 Unearned revenue - 23,000 Vehicles - 64,000 Note: $10,000 of Notes payable 2 is to be paid by November 30, 2021. $7,500 of the notes receivable is to be collected by November 30, 2021. Required: When preparing a classified balance sheet, what would the total of Property, Plant and Equipment be? Select one: a. 50,600 b. 110,900 c. 90,400 d. 122,150

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1MC: The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before...

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/Yukon Inc. has the following adjusted trial balance with accounts listed in alphabetical order at December 31, 2020. Account Title Debit Credit Accounts Payable Accumulated Depreciation, Equipment Accumulated Depreciation, Truck Cash Equipment Operating Expenses Merchandise Inventory Notes Payable Notes Receivable Revenue Truck Wages Payable /Yukon Skookum, Capital /Yukon Skookum, Withdrawals Total $ 41,625.00 99,700 38.250 $115,000.00 373.875 38,150 34,250 501.000 115,500 50.750 102,000 30,250 28,500 11.300 $790,075.00 $790,075.00 For the Notes Payable - $60,550 is due in 2021. For the Notes Receivable - $41,500 will be collected in 2021 What will the total be for current assets on the classified balance sheet for December 31, 2020?
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