Eam One Part One Mc \\Q Accounting flashcards | The ac x \' CSecurehttps//online

Question

Eam One Part One Mc Q Accounting flashcards | The ac x ' CSecurehttps//online.brya attempt.phpattempt-1491938page BRYAN COLLEGE Not yet anowered Marked out of2 ?Flag question Value Shoe's balance sheet appears below Dec. 31, Year 2 Dec. 31, Year 1 Cash Accounts receivable Inventory Equipment, net Total Assets Accounts payable Other current liabilities Income taxes payable Long-term notes payable Common stock Retained earnings Total liabilities & equity SOLVE FOR MISSING VALUE #1 $245 $213 104 745 1,311 $56 187 678 $1,197 $65 154 360 331 228 244 $1.197 O Type here to search

Explanation / Answer

1. Account Receivable = Total Asset - other all asset

                                 = 1311- 245- 98 - 745

                                 = 223

2. Comon Stock = Total Liabilities & equity - other all liabilities

                        = 1311 - 56- 187 -45-360-295

                       =368

3. Total Liabilities & Equity = Total Assets =1311

4.Inventory = Total Asset - other all asset

                =1197 - 213 -104 -678

                = 202

5. Income taxes payable = Total Liabilities & equity - other all liabilities

                                    = 1197-65 -154 -331 -228 -244

                                   = 175

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