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Let me know if the Adjusted trial balance on December 31, 20X6 is needed to answer...

Let me know if the Adjusted trial balance on December 31, 20X6 is needed to answer the below as I can provide it. Thank you!

Questions 4 through 10 are based on the following December 31, 20X6 year-end account balances for XYZ Co. after adjusting entries had been prepared but before the books were closed for the year.                                                 

                Cash……………..…………………………….250,000

                Accounts receivable…………………….……..680,000

                Marketable securities…………………………...60,000

                Prepaid insurance……………………………….35,000

                Prepaid rent….………………………………….30,000

                Office equipment…………………………….....620,000

                Accumulated depreciation: equipment………...200,000

                Land……………………………………………750,000

                Accounts payable………………………………306,000

                Dividends payable……………………………… 50,000

                Interest payable…………………………………... 8,750

                Income tax payable……………………………...30,000

                Unearned client service revenue………………..180,000

                Notes payable (long-term).……………………..350,000

                Common stock………………………………….750,000

                Retained earnings….…………………………....315,200

                Dividends…………………………………….......75,000

                Client service revenue………………………...1,200,000

                Travel expense………………………………..…..28,000

                Office supplies expense…………………………..20,000

                Advertising expense………………………………45,000

                Salary expense…………………………………...400,000

                Utility expense………………………………….....40,000

                Depreciation expense: equipment…………………25,000

                Interest expense……………………………….…...17,500

                Insurance expense……………………………….....52,000

                Rent expense……………………………………..175,000

                Income tax expense………………………………..87,450

Using the data for question 4, prepare the income statement for the year ended December 31, 20X6.  Attach your response in an excel or word file.

Using the data from Question 4, Prepare the statement of retained earnings for the year ended December 31, 20X6. Attach your response in an excel or word file.

Using the data in Question 4,  Prepare the statement of financial position as of December 31, 20X6. Attach your response in an excel or word file.

  1. Using the data in Question 4, Determine the working capital on December 31, 20X6.

    a.

    $350,756
    b.

    $480,250
    c.

    $580,520
    d.

    $574,750

  1. Using data from Question 4,  Determine the current ratio on December 31, 20X6.

    a.

    1.8356
    b.

    3.4781
    c.

    2.8749
    d.

    1.1355

  1. Based on data from Question 4,  Determine the acid-test (quick) ratio on December 31, 20X6.

    a.

    4.5586
    b.

    2.5000
    c.

    1.7225
    d.

    3.6752

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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