Sydney Inc. (a calendar year end corporation) uses accrual basis accounting. After all transactions are recorded for the year ended December 31, 2023, but before any adjustments are made, the unadjusted balances are as follows: ASSETS = LIABILITIES + STOCKHOLDERS' EQUITY Cash Prepaid Rent Truck Accounts Payable Common Stock Retained Earnings Unadjusted Balance, Dec. 31 3,200 12,000 20,000 2,000 25,000 8,200 Sydney Inc. made adjustments on December 31, 2023 due to the following information: Depreciation on the truck amounted to $3,000 Services performed but unbilled as of December 31, 2023 amounted to $12,000 Employees will be paid on January 15, 2024. Accrued wages at December 31, 2023 are $3,500 $4,000 of prepaid rent expired, as of December 31, 2023.

Compute total assets on December 31, 2023 for Sydney Inc. after all adjustments have been made.

Answer rating: 100% (QA)

To compute the total assets on December 31 2023 for Sydney Inc after all adjustments have been made ... View the full answer