The following are the selected ledger balances taken from the books of ABC Company for the year 2021: Accrued Rent Income ₱ 180,000 Rent Expense ₱ 120,000 Accounts Receivable 126,000 Cash 112,000 Allowance for Bad Debts 12,600 Prepaid Advertising 12,000 Service Income 500,000 Salaries Expense 115,000 Office Equipment 430,000 Utilities Expense 49,000 Accumulated Depreciation 75,000 Unused Supplies 18,000 Representation Expense 60,000 Owner, Capital 463,300 Unearned Service Income 22,000 Accounts Payable 240,000 Owner, Drawing 14,000 Accrued Interest Expense 10,700 Compute for the total assets of ABC Company.
The following are the selected ledger balances taken from the books of ABC Company for the year 2021: Accrued Rent Income ₱ 180,000 Rent Expense ₱ 120,000 Accounts Receivable 126,000 Cash 112,000 Allowance for Bad Debts 12,600 Prepaid Advertising 12,000 Service Income 500,000 Salaries Expense 115,000 Office Equipment 430,000 Utilities Expense 49,000 Accumulated Depreciation 75,000 Unused Supplies 18,000 Representation Expense 60,000 Owner, Capital 463,300 Unearned Service Income 22,000 Accounts Payable 240,000 Owner, Drawing 14,000 Accrued Interest Expense 10,700 Compute for the total assets of ABC Company.
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....
Related questions
Topic Video
Question
The following are the selected ledger balances taken from the books of ABC Company for the year 2021:
|
Accrued Rent Income |
₱ 180,000 |
|
Rent Expense |
₱ 120,000 |
|
|
126,000 |
|
Cash |
112,000 |
|
Allowance for |
12,600 |
|
Prepaid Advertising |
12,000 |
|
Service Income |
500,000 |
|
Salaries Expense |
115,000 |
|
Office Equipment |
430,000 |
|
Utilities Expense |
49,000 |
|
Accumulated |
75,000 |
|
Unused Supplies |
18,000 |
|
Representation Expense |
60,000 |
|
Owner, Capital |
463,300 |
|
Unearned Service Income |
22,000 |
|
Accounts Payable |
240,000 |
|
Owner, Drawing |
14,000 |
|
Accrued Interest Expense |
10,700 |
Compute for the total assets of ABC Company.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
