uestion2 0 out of 0.1 points At the end of last year, Ceasars Corp reported the
ID: 2508953 • Letter: U
Question
uestion2 0 out of 0.1 points At the end of last year, Ceasars Corp reported the following items on its balance sheet: Accounts Payable $80,000 Accounts Receivable $75,000 Buildings $270,000 Cash $97,000 Contributed Capital $56,000 Equipment $41,000 Land $63,000 Note Payable (long-term) $82,000 Supplies $164,000 Unearned Revenue $19,000 Retained Earnings $XX Create T-accounts for all of the balance sheet accounts and the additional accounts: Service Revenue, Rent Revenue, Wages Expense and Utities Expense. Enter beginning balances. Recond Review Tet Suhemission Pre-Quir 7-Spring 201S-ACCY the current year's transactions from the list below and answer the question that follows. a. Ordered merchandise inventory worth $186,000. b. Received $32,000 from customers who purchased goods on account last year c. Issued additional shares of common stock and received $5,000 d. Received $421,000 for services performed e. Rented cleaning equipment to an employee, received $600 in payment. f. Paid $49,000 owed to suppliers g. Recieved the merchandise ordered on credit (transaction a). h. Received $10,000 from customers for services to be performed early next year i. Paid $6,000 in utility bills, $5,000 remains unpaid. i. Paid $281,000 in wages to employees. . Declared and paid $67,000 in dividends to common stockholders. How much are total assets at the end of this year? (be sure to include the $ in your answer.) Selected Answer: $770,000 Correct Answer: 929,600 ± 0Explanation / Answer
Total asset at beginning : 75000+270000+97000+41000+63000+164000=710000
Total asset at end =Asset at beginning +change during the year
710000+219600
= 929600
Increase /(Decrease)during the year a Not recorded b 0 [+32000 cash ,-32000 Receivable] c +5000 cash d +421000 e +600 f (49000) cash g +186000 inventory h +10000 cash i (6000) cash j (281000) k (67000) Total change during the year 219600Related Questions
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