Question: Balance Sheet - three (3) questions Instructions: Please prepare a Balance Sheet on your scratch paper based on the following Partial Adjusted Trial Balance. Use
Balance Sheet - three (3) questions
Instructions: Please prepare a Balance Sheet on your scratch paper based on the following Partial Adjusted Trial Balance. Use this Balance Sheet to answer this question and the next two questions.
You will need to know the amounts for total assets, total current assets, and total stockholders' equity.
| Adjusted Trial Balance |
| As of 12/31/20xx |
| Accounts | Account Balances |
| Cash | $20,691 |
| Accounts Receivable | 30,000 |
| Allowance for Uncollectible Accounts | 4,000 |
| Inventory | 35,000 |
| Building | 40,145 |
| Accumulated Depreciation | 10,000 |
| Accounts Payable | 12,691 |
| Deferred Revenue | 10,000 |
| Common Stock | 20,000 |
| Retained Earnings | 20,000 |
| Dividends | 3,000 |
| Revenue (Sales) | 65,145 |
| Sales Allowances | 1,000 |
| Rent Expense | 4,000 |
| Interest Expense | 4,000 |
| Income Tax Expense | 4,000 |
Balance Sheet Question: Based on the Balance Sheet you prepared on your scratch paper, what is amount of the Total Current Assets shown on the Balance Sheet you prepared on your scratch paper?
Balance Sheet Question: Based on the Balance Sheet you prepared on your scratch paper, what is amount of the Total Stockholders Equity shown on the Balance Sheet you prepared on your scratch paper?
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