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The following accounts appeared on the trial balance of Ewana Company at December 31, 2020. Notes...

The following accounts appeared on the trial balance of Ewana Company at December 31, 2020.

Notes Payable (short-term)	$192,000	Accounts Receivable	$518,400
Accumulated Depreciation - Bldg.	783,000	Prepaid Insurance	56,250
Supplies	37,800
Salaries and Wages Payable	34,200	Common Stock	1,125,000
Debt Investments (long-term)	281,400	Unappropriated Retained Earnings	318,000
Cash	170,250	Inventory	1,580,250
Bonds Payable Due 1/1/2025	1,200,000	Land	465,000
Allowance for Doubtful Accts.	7,800	Trading Securities	73,200
Copyrights	192,900	Interest Payable	5,700
Notes Receivable (due in 6 months)	138,000	Buildings	1,926,000
Income Taxes Payable	156,000	Accounts Payable	409,950
Preferred Stock	750,000	Additional Paid-in Capital	163,800
Appropriated Retained Earnings	294,000

Instructions: Compute each of the following. You must show your work.

1. Total current assets

2. Total property, plant, and equipment

3. Total assets

4. Total current liabilities

5. Total stockholders’ equity

Solutions

Expert Solution

Requirement 1: Total Current assets

Supplies 37,800

Cash 170,250

Notes receivable (due in 6 months) 138,000

Accounts receivables 518,400

Prepaid insurance 56,250

Inventory 15,80,250

Trading securities 73,200

Debt investment 281,400

27,82,350 A) Total current assets

Requirement 2: Total Property,plant and equipment

Land 465,000

Buildings 19,26,000

Less:Accumulated depreciation (783,000) 11,43,000

Copy rights 192,900

B) TOTAL 18,00,900

Requirement 3: Total assets

Total current assets 27,82,350

Total property plant & equipment 18,00,900

C)Total assets (A+B) 45,83,250

Requirement 4: Total current liabilities

Notes payable 192,000

Salary and wages payable 34,200

Income tax payable 156,000

Interest payable 5,700

Accounts payable 409,950

D) TOTAL 797,850

Requirement:5 Total stock holder's equity

Prefered stock 750,000

Apropriared retained earnings 294,000

Common stock 11,25,000

Un apropriated retained earnings 318,000

Additional paid - in capital 163,800

E) TOTAL 26,50,800

ekkarill92 answered 1 year ago

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