After the December 31, 2019 adjusting journal entries have been posted, Tri-State Distributors has the following account balances (all accounts have normal balances) are:
Use this information to prepare, in good form, the Balance Sheet (partial) on December, 31, 2019. Include a proper heading.
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Which of the following would be classified as external users of financial statements?
a. Stockholders and management of the company b. The controller of the company and a company's stockholders c. The company's marketing managers d. The creditors and stockholders of the company
To gain assurance that all inventory items in an entity's inventory listing schedule are valid, an auditor most likely would trace:
A. inventory tags noted during the auditor's observation to items listed in receiving reports and vendors' invoices. B. items listed in the inventory listing schedule to inventory tags and the count sheets. C. inventory tags noted during the auditor's observation to items listed in the inventory listing schedule. D. items listed in receiving reports and vendors' invoices to the inventory listing schedule.
On January 1, 2016, Reynolda Co leased equipment by signing a five-year lease that required five payments of $30,000 due on January 1 of each year with the first payment due January 1, 2016. The equipment remains the property of the lessor at the end of the lease and Reynolda does not guarantee any residual value. Using a 10% cost of capital, Reynolda capitalized the lease on January 1, 2016, in
the amount of $125,096. What is the amount of current portion of the lease obligation Reynolda should report on the December 31, 2017, balance sheet? A) $7,461 B) $20,490 C) $22,539 D) $30,000
The level of merchandise exports in 2013, worldwide, was
A. $12.3 trillion. B. $4.6 trillion. C. $18.8 trillion. D. $8.5 trillion. E. $23.4 trillion.