Revision Case $2-$ Chapters $1$ and $2$

Solved in Class ONLY $-$ Answers not on Blackboard

The following transactions happened during $2019$ in CLO Company:

A$.$ Opened business by issuing shares for $$80,000$ cash.

B$.$ Paid $$3000$ cash for $5$ years insurance in advance.

C$.$ Received Utilities bill, to be paid next year, $$29,000.$

D$.$ Billed customers for services rendered, $$14,000.$

E$.$ Paid $$9000$ cash of the utilities bill.

F$.$ Received $$10,000$ cash from customers billed in D$.$

G$.$ Received $$28,000$ cash in advance before performing a service.

H$.$ Paid $$1,000$ cash for Salaries.

I. Dividends of $$3,600$ were declared and paid.

Required:

Calculate the following at $31$ December $2019$

$(1)$ The ending balance of Accounts Receivable.

$(2)$ Net income for the period.

$(3)$ Total Liabilities

Dr$.$ Khaled Samaha PhD MSc CPA $-$ Professor of Accounting $-$ AUC $-2020/2021$