Question: ACCT 201 Case Spring 2022 Question 4: Identify the normal balance for each of the following accounts. Unearned Revenue Building Salaries Expense Accounts Payable Rent

ACCT 201 Case Spring 2022 Question 4: Identify the normal balance for each of the following accounts. Unearned Revenue Building Salaries Expense Accounts Payable Rent Revenue Cash Page 4 Service Revenue Supplies Accounts Receivable Common Stock Question 5: The following account balances were taken from the financial statements of Indirect Cable Inc. as of December 31, 2022. Accounts Payable Accounts Receivable Accumulated Depreciation - Equipment Advertising Expense Cash Common Stock Dividends Equipment Land $ 34,000 Notes Payable due in 2025 $62,000 39,000 Prepaid Insurance 3,500 8,000 Rent Revenue 5,000 10,100 Retained Earnings, 1/1/221 180,000 68,200 Salaries & Wages Expense 23,900 69,000 Service Revenue 115,400 8,900 Supplies 30,250 134,000 Unearned Revenue 19,900 163,650 Utilities Expense 11,800 Calculate the below totals/amounts based on the above account balances. Revenues Expenses Net Income Retained Earnings 12/31/2022 Please show your work/calculations in the space below: Current Assets Property, Plant & Equipment Current Liabilities Long Term Liabilities

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!