The following are the year-end account balances for 20XC (prior
to closing) of CA Corporation:
24. $___________Determine total Current Assets at the end of the
year
25. $___________Determine Total Assets at the end of the year
26. Should Common stock be closed at year end?
|
Cash |
$36,000 |
|
Accounts Receivable |
45,000 |
|
Supplies |
100 |
|
Equipment |
665,000 |
|
Accumulated depreciation |
100,000 |
|
Accounts payable |
12,000 |
|
Notes payable |
125,000 |
|
Common stock |
350,000 |
|
Retained earnings |
114,300 |
|
Dividends |
65,000 |
|
Service revenue |
785,000 |
|
Salaries expense |
498,000 |
|
Supplies expense |
1,200 |
|
Rent expense |
38,000 |
|
Depreciation expense |
50,000 |
|
Miscellaneous expense |
88,000 |
25. $___________Determine Total Assets at the end of the year
26. Should Common stock be closed at year end?
