FIN571 Week 1 Math and Account Review Problem 1 - General...

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Intermediate Accounting: Reporting and Analysis
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Chapter 5 / Exercise E5-13
Intermediate Accounting: Reporting and Analysis
Jones/Wahlen
Expert Verified
General Ledger for XYZ CompanyThe following is a portion of the general ledger for XYZ Company as of December 31, 20X1, and the statement of stockholders’ equity for XYZ Company for the year ended December 31, 20X1. Use this information to answer questions (1) through (5).XYZ CompanyStatement of Stockholders' Equity (partial)For the year ended December 31, 20X1Common Stock Retained EarningsBalance at January 1, 20X1$50,000$63,000Issuance of common stock32,000+ Net income for the year ended 12/31/X114,000- Dividends paid(4,900)Balance at December 31, 20X1$_______$_______XYZ CompanyGeneral Ledger (partial)As of December 31, 201XAmountAssetsCash$ 53,000Accounts receivable15,000Supplies8,800Prepaid rent36,000Equipment (net)115,600LiabilitiesAccounts payable$11,300Salaries payable2,500Interest payable1,900Utilities payable6,900Bonds payable51,700
We have textbook solutions for you!
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Intermediate Accounting: Reporting and Analysis
The document you are viewing contains questions related to this textbook.
Chapter 5 / Exercise E5-13
Intermediate Accounting: Reporting and Analysis
Jones/Wahlen
Expert Verified
1. What is the total current assets to be reported on XYZ Company’s 12/31/X1 classified balance sheet?
2. What is the total long-term assets to be reported on XYZ Company’s 12/31/X1 classified balance

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