A corporation reports the following on 3/31/23 prior to preparing financial statements: Debit $ 24,000 15,000 30,000 10,000 23,000 90,000 Cash Account Receivable Raw Material Inventory Work in Process Inventory Finished Goods Inventory Equipment Accumulated Depreciation Account Payable Common Stock Retained Earnings 1/1/23 Sales Revenue Cost of Goods Sold Operating Expenses Factory Overhead 115,000 80,000 1,000 Credit 30,000 35,000 100,000 18,000 205,000 Calculate the total assets to be reported on the balance sheet on 3/31/23 (you must include the calculation in order to receive credit) Calculate the total stockholder equity to be reported on the balance sheet on 3/31/23 (You must include the calculation in order to receive credit)

A corporation reports the following on 3/31/23 prior to preparing financial statements: Debit $ 24,000 15,000 30,000 10,000 23,000 90,000 Cash Account Receivable Raw Material Inventory Work in Process Inventory Finished Goods Inventory Equipment Accumulated Depreciation Account Payable Common Stock Retained Earnings 1/1/23 Sales Revenue Cost of Goods Sold Operating Expenses Factory Overhead 115,000 80,000 1,000 Credit 30,000 35,000 100,000 18,000 205,000 Calculate the total assets to be reported on the balance sheet on 3/31/23 (you must include the calculation in order to receive credit) Calculate the total stockholder equity to be reported on the balance sheet on 3/31/23 (You must include the calculation in order to receive credit)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 14PB: Assuming a companys year-end inventory were understated by $16,000, indicate the effect...

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