The following items are taken from the financial statements of Dinkel Company fo
ID: 2380052 • Letter: T
Question
The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
Accounts payable
$18,000
Accounts receivable
11,000
Accumulated depreciation - equipment
28,000
Advertising expense
21,000
Cash 15,000
15,000
Dinkel, Capital (1/1/10)
102,000
Dinkel, Drawing
14,000
Depreciation expense
12,000
Insurance expense
3,000
Note payable, due 6/30/11
70,000
Prepaid insurance (12-month policy)
6,000
Rent expense
17,000
Salaries expense
32,000
Service revenue
133,000
Supplies
4,000
Supplies expense
6,000
Equipment
210,000
What are total current assets at December 31, 2010?
$32,000
$36,000
$218,000
$26,000
Question 4The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010:
Accounts payable
$18,000
Accounts receivable
11,000
Accumulated depreciation - equipment
28,000
Advertising expense
21,000
Cash 15,000
15,000
Dinkel, Capital (1/1/10)
102,000
Dinkel, Drawing
14,000
Depreciation expense
12,000
Insurance expense
3,000
Note payable, due 6/30/11
70,000
Prepaid insurance (12-month policy)
6,000
Rent expense
17,000
Salaries expense
32,000
Service revenue
133,000
Supplies
4,000
Supplies expense
6,000
Equipment
210,000
What are total current assets at December 31, 2010?
$32,000
$36,000
$218,000
$26,000
The following items are taken from the financial statements of Dinkel Company for the year ending December 31, 2010: What are total current assets at December 31, 2010?Explanation / Answer
The items which are liabilities to the company are :
Advertising expense, supplies expense, Depreciation expense, Insurance expense, prepaid insurance, rent expense, salaries expense, Accumulated depreciation - equipment, equipment
The items which are assets are :
accounts receivable, service revenue, supplies, cash, dinkel capital, dinkel drawing, accounts payable, note payable,
Total liabilities = 21000 + 6000 + 12000 + 3000 + 6000 + 17000 + 32000 + 28000 + 210000 = 335000
Total assets = 11000 + 133000 + 4000 + 15000 + 102000 + 14000 + 18000 + 70000 = 367000
Net assets = 367000 - 335000 = 32000.
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