Accounts were taken from Henry Companys 

 

unadjusted trial balance at December $31,2027$:

Accounts payable $............$ $$59,000$

Accounts receivable $.........$ $$47,000$

Cash $........................$ $$36,000$

Common stock $................$ $$52,000$

Cost of goods sold $..........$ $$38,000$

Income tax expense $..........$ $$19,000$

Insurance expense $...........$ $$21,000$

Inventory $...................$ $$55,000$

Land $........................$ $$61,000$

Notes payable $...............$ $$84,000$

Prepaid insurance $...........$ $$18,000$

Rental revenue $..............$ $$32,000$

Repair expense $..............$ $$14,000$

Retained earnings $...........$ $$65,000($at January $1,2027)$

Sales revenue $...............$ $$97,000$

Supplies $....................$ $$31,000$

Trademark $...................$ $$23,000$

Wage expense $................$ $$26,000$

Henry Company has not yet recorded adjusting entries

related to the following two items:

$(1)$ $$16,000$ of supplies were used up during $2027.$

$(2)$ Henry Company has provided services to a customer

totaling $$29,000$ as of December $31,2027.$ However,

the customer has not yet paid Henry Company.

Calculate the total assets reported in Henry Company's

December $31,2027$ balance sheet after the appropriate

adjusting entries have been recorded and posted.

Answer rating: 100% (QA)

To calculate the total assets reported in Henry Companys December 31 2027 balance sheet after the ap... View the full answer