Question

In: Accounting

31) The following accounts were included on Aeroplane Consultants adjusted trial balance at December 31, 2018:...

31) The following accounts were included on Aeroplane Consultants adjusted trial balance at December 31, 2018:

Accounts receivable

$ 10,200

Accounts payable

16,000

Cash

7,500

Common stock

30,000

Dividends

12,000

Inventory

15,000

Sales taxes payable

1,350

Equipment

8,000

Interest expense

3,500

Note payable, due 8/31/21

60,000

Bonds payable

150,000

Salaries payable

7,000

Retained earnings

18,000

Unearned revenue

4,000

Prepaid supplies

2,000

Service revenue

44,000

Requirements: (Show all work)

  1. Total current assets?
  2. Total current liabilities?

Solutions

Expert Solution

a.

Total Current Assets
$
Current Assets
Accounts receivable     10,200.00
Cash       7,500.00
Inventory     15,000.00
Prepaid supplies       2,000.00
Total Current assets 34,700.00

b.

Total Current liabilities
$
Accounts payable          16,000.00
Sales taxes payable            1,350.00
Salaries Payable            7,000.00
Unearned revenue            4,000.00
Total Current liabilities 28,350.00

ekkarill92 answered 2 years ago
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