Question 1

ABA Ltd. Has collected the following data and asks you to prepare the Balance Sheet at 12/31/20X2:

Balance Sheet Items	12/31/20X2	12/31/20X1
Accounts Payable to Suppliers	$1,040	$20,000
Accounts Receivable from Customers	$1,040	$19,000
Mortgage Payable	$5,540	$5,540
Machine	$9,000	$6,000
Cost of Goods Sold	$7,000	$3,000
Cash	$5,540	$1,040
Land (net of depreciation)	$17,000	$17,000
Income Taxes Payable	$7,000	$1,040
Depreciation Expense Machine	$11,000	$12,000
Accumulated Depreciation Machine	$1,040	$8,000
Retained Earnings	$21,000	$20,000
Inventory	$1,040	$5,540

Required 1: ABAs Current assets as of 12/31/20X2 must have been: $

Required 2: ABAs Non Current Assets as of 12/31/20X2 must have been: $

Required 3: ABAs Total Assets as of 12/31/20X2 must have been: $

Required 4: ABAs Current Liabilities as of 12/31/20X2 must have been: $

Required 5: ABAs Non Current liabilities as of 12/31/20X2 must have been: $

Required 6: ABAs Total Liabilities as of 12/31/20X2 must have been: $

Required 7: ABAs Owner's Equity as of 12/31/20X2 must have been: $

Required 8: ABAs Total Liabilities and Owner's Equity as of 12/31/20X2 must have been: $

Question 2

Beta Corporation reported the following amounts at the end of the first period of operations. All accounts had normal balances.

Capital $1,000 Sales Revenue $18,700 Total Assets $13,300 Total Liabilities $840 Dividends $120

Required 1: What is the balance of Retained Earnings at the end of the period? $

Required 2: What is the Total Expenses for the period? $

Question3:

Fargo Company operates a pet grooming service. On August 1 of the current year, the firm's account balances were as follows:

Cash $10,000 Accounts Receivable $20,000 Supplies on Hand $15,000 Prepaid Insurance $5,000 Notes Payable $10,000 Accounts Payable $10,000 Capital Stock $25,000 Retained Earnings $5,000 During August the following transactions occurred: Aug. 6 Rendered services for various clients on account for $10,660. Aug. 13 Received $2,500 on account from clients. Aug. 18 Paid $3,620 on accounts payable. Aug. 18 Paid miscellaneous expenses, $1,200. Aug. 31 Determined that $3,620 insurance premiums expired during August Aug. 31 Determined that supplies on hand at August 31 amounted to $10,660

Required 1: What is the proper balance of Supplies Expense showing on August 31st income statement? $

Required 2: What is the proper amount of Prepaid Insurance showing on August 31st balance sheet? $

Required 3: If these were all the transactions, what is the Net Income (loss) for the period? $

Required 4: If these were all the transactions, what is the amount of total assets at the end of the period? $

Required 5: If these were all the transactions, what is the amount of total liabilities at the end of the period? $

Required 6: If these were all the transactions, what is the amount of total owner's equity at the end of the period? $