The following account balances were provided by Kate's Consulting Company as of December 31, 2022. 70,500 90,000 Accumulated Depreciation-Equipment 14,800 3,600 74,000 Salary Expense Accounts Receivable Supplies Equipment
The following account balances were provided by Kate's Consulting Company as of December 31, 2022. 70,500 90,000 Accumulated Depreciation-Equipment 14,800 3,600 74,000 Salary Expense Accounts Receivable Supplies Equipment
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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Transcribed Image Text:The following account balances were provided by Kate's Consulting Company
as of December 31, 2022.
Salary Expense
70,500
Accounts Receivable
90,000
Accumulated Depreciation-Equipment 14,800
Supplies
Equipment
3,600
74,000
Fees Earned
175,200
Miscellaneous Expense
7,400
Salaries Payable
1,500
Kate, Capital
90,400
Cash
38,000
12,000
Kate, Drawing
Supplies Expense
Depreciation Expense
Accounts Payable
5.
6,000
4,800
24,400
1. Prepare and Income Statement
2. Prepare a Statement of Owner's Equity
3. Prepare a Balance Sheet
4. Answer the following questions:
a. What are the total assets of the company?
b. What is the "Net Worth" of the company?
c. How much does the company owe?
d. What is the company's bank account balance as of December 31,
2022?
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Follow-up Question
What are the total assets ?
what is the net worth?
how much does the company owe?
whag is the company's account balance ?
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