Question 20 (5 points)

The following information is provided for ACME Corporation:

ACME Corporation
Adjusted Trial Balance
December 31, 2022
	Debit	Credit
Cash	15,000
Cost of goods sold	515,000
Accounts receivable	165,000
Trading investments	20,000
Inventory	350,000
Land	405,000
Buildings	505,000
Accumulated depreciation, buildings		$126,250
Accounts payable		65,000
Line of credit		25,000
Mortgage payable		765,000
Common shares		265,000
Retained earnings		52,375
Dividends declared	33,000
Sales revenue		985,000
Depreciation expense	12,625
Income tax expense	135,000
General and administrative expense	128,000
Total	$2,283,625	$2,283,625
Additional Information
$33,000 Dividends were declared and paid during the year
5,000 Common shares were issued for $100,000.
$40,000 of the mortgage is due in 2022

Using the above adjusted trial balance, calculate the following balances.

Enter your answer in the following format: $xxx,xxx Do not enter decimals. For example five thousand is entered as $5,000.

1. Current Liabilities

2. Net Income

3. Property, Plant and Equipment

4. Current Assets

5. Non-Current Liabilities

Question 20 options:

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