No work shown required These items are taken from the financial statements of Drew League II Corporation for2020.$33,000Retained earnings (beginning of year)Utilities expense2,000EquipmentAccounts payable56,00015,300Cash15,900Salaries and wages payable3,00013,000Common stockDividends14,00078,000Service revenuePrepaid insuranceMaintenance and repairs expense3,5001,800Depreciation expense3,300Accounts receivable14,200Insurance expense2,200Salaries and wages expense47,000Accumulated depreciation-equipment17,600InstructionsPrepare a balance sheet as of December 31, 2020. ANSWER THE FOLLOWING QUESTION:Total Equity equals

A balance sheet is a statement statement that shows the assets, liabilities, and shareholder equity…

These items are taken from the financial statements of Drew League II Corporation fo 2020. $33,000 Retained earnings (beginning of year) Utilities expense 2,000 Equipment Accounts payable 56,000 15,300 15,900 3,000 Cash Salaries and wages payable 13,000 14,000 Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense 78,000 3,500 1,800 Depreciation expense 3,300 Accounts receivable 14,200 Insurance expense 2,200 47,000 Salaries and wages expense Accumulated depreciation-equipment 17,600 Instructions Prepare a balance sheet as of December 31, 2020. ANSWER THE FOLLOWING QUESTION: Total Equity equals

These items are taken from the financial statements of Drew League II Corporation fo 2020. $33,000 Retained earnings (beginning of year) Utilities expense 2,000 Equipment Accounts payable 56,000 15,300 15,900 3,000 Cash Salaries and wages payable 13,000 14,000 Common stock Dividends Service revenue Prepaid insurance Maintenance and repairs expense 78,000 3,500 1,800 Depreciation expense 3,300 Accounts receivable 14,200 Insurance expense 2,200 47,000 Salaries and wages expense Accumulated depreciation-equipment 17,600 Instructions Prepare a balance sheet as of December 31, 2020. ANSWER THE FOLLOWING QUESTION: Total Equity equals

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #1: Based on the above information, determine the cash received for interest during 2020. Choices: P1,900,800 P2,101,000 P2,065,800 P2,136,200
The income statement of Armenia Corporation for 2020 included the following items: Interest income P2,101,000; Salaries expense 1,650,000; Insurance expense 277,200. The following balances have been excerpted from Armenia Corporation's statements of financial position for the year ended 12/31/2019 and 12/31/2020 respectively. Accrued interest receivable P165,000 P200,200; Accrued salaries payable 92,400 195,800; Prepaid insurance 33,000 24,200; Requirement #3: The cash paid for insurance premiums during 2020 was Choices; P253,000 P286,000 P244,200 P268,400
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