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These items are taken from the financial statements of Drew League II Corporation fo 2020. $33,000 Retained earnings (beginning of year) Utilities expense 2,000 Equipment Accounts payable 56,000 15,300 15,900 3,000 Cash Salaries and wages payable 13,000 14,000 Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense 78,000 3,500 1,800 Depreciation expense 3,300 Accounts receivable 14,200 Insurance expense 2,200 47,000 Salaries and wages expense Accumulated depreciation-equipment 17,600 Instructions Prepare a balance sheet as of December 31, 2020. ANSWER THE FOLLOWING QUESTION: Total Equity equals

These items are taken from the financial statements of Drew League II Corporation fo 2020. $33,000 Retained earnings (beginning of year) Utilities expense 2,000 Equipment Accounts payable 56,000 15,300 15,900 3,000 Cash Salaries and wages payable 13,000 14,000 Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense 78,000 3,500 1,800 Depreciation expense 3,300 Accounts receivable 14,200 Insurance expense 2,200 47,000 Salaries and wages expense Accumulated depreciation-equipment 17,600 Instructions Prepare a balance sheet as of December 31, 2020. ANSWER THE FOLLOWING QUESTION: Total Equity equals

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter2: Analyzing Transactions
Section: Chapter Questions
Problem 23E: The following data (in millions) are taken from the financial statements of Target Corporation: a....
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These items are taken from the financial statements of Drew League II Corporation for 2020. $33,000 Retained earnings (beginning of year) Utilities expense 2,000 Equipment Accounts payable 56,000 15,300 Cash 15,900 Salaries and wages payable 3,000 13,000 Common stock Dividends 14,000 78,000 Service revenue Prepaid insurance Maintenance and repairs expense 3,500 1,800 Depreciation expense 3,300 Accounts receivable 14,200 Insurance expense 2,200 Salaries and wages expense 47,000 Accumulated depreciation-equipment 17,600 Instructions Prepare a balance sheet as of December 31, 2020. ANSWER THE FOLLOWING QUESTION: Total Equity equals
Transcribed Image Text:These items are taken from the financial statements of Drew League II Corporation for 2020. $33,000 Retained earnings (beginning of year) Utilities expense 2,000 Equipment Accounts payable 56,000 15,300 Cash 15,900 Salaries and wages payable 3,000 13,000 Common stock Dividends 14,000 78,000 Service revenue Prepaid insurance Maintenance and repairs expense 3,500 1,800 Depreciation expense 3,300 Accounts receivable 14,200 Insurance expense 2,200 Salaries and wages expense 47,000 Accumulated depreciation-equipment 17,600 Instructions Prepare a balance sheet as of December 31, 2020. ANSWER THE FOLLOWING QUESTION: Total Equity equals
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