The following data are for XYZ Company at the end of 2018, after adjustments ( excluding income
Question:
The following data are for XYZ Company at the end of 2018, after adjustments( excluding income tax expense)
Property and equipment 951,200
Contributed capital 390,500
Supplies expense 283,600
Other revenue 115,000
Supplies 317,000
Deferred revenue 85,500
Service revenue 885,000
Depreciation expense 58,000
Loans payable 329,600
Accounts receivable 755,000
Interest receivable 5,300
Rent expense 34,500
Retained earnings 486,100
Cash 451,000
Notes payable 256,400
Accrued liabilities 25,000
Income tax payable 0
Prepaid rent 12,500
Accumulated depreciation 228,400
Administrative and general 65,300
Cost of service expense 263,000
Question 1
Total amount of current assets?
Question 2
Indicate for each of the accounts below, if you would close the account out at year end in a closing journal entry. After indicate whether you would debit or credit this account, or NONE
Account: Account Receivable, Other Revenue, Depreciation Expense, Deferred Revenue, Retained earnings, Service Revenue, Accrued Liability, Accumulated depreciation.
i) Would you close this at year end?
ii) Would you debit/credit it or neither?
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.