Owner's capital (1/1/14) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/15 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense Equipment What are total current assets at December 31, 2014? 5,000 102,000 14,000 12,000 3,000 70,000 6,000 17,000 32,000 133,000 4,000 6,000 210,000

Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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The following items are taken from the financial statements of the Ivanhoe Service for the year ending December 31, 2021: What are total current assets at December 31, 2021? [ $ 41500; $ 25800; $ 31600; $ 35600 ] The following items are taken from the financial statements of the Al-Salam Co. for the year ending December 31, 2014: What are total current assets at December 31, 2014?

 
The following items are taken from the financial statements of the Al-Salam Co. for
the year ending December 31, 2014:
Accounts payable
Accounts receivable
Accumulated depreciation - equipment
Advertising expense
Cash
Owner's capital (1/1/14)
Owner's drawings
Depreciation expense
Insurance expense
Note payable, due 6/30/15
Prepaid insurance (12-month policy)
Rent expense
Salaries and wages expense
Service revenue
Supplies
Supplies expense
Equipment
What are total current assets at December 31, 2014?
$ 18,000
11,000
28,000
21,000
15,000
102,000
14,000
12,000
3,000
70,000
6,000
17,000
32,000
133,000
4,000
6,000
210,000
Transcribed Image Text:The following items are taken from the financial statements of the Al-Salam Co. for the year ending December 31, 2014: Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense Cash Owner's capital (1/1/14) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/15 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense Equipment What are total current assets at December 31, 2014? $ 18,000 11,000 28,000 21,000 15,000 102,000 14,000 12,000 3,000 70,000 6,000 17,000 32,000 133,000 4,000 6,000 210,000
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