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erinfly733Lv1
28 Sep 2019
The following information was taken from the accounting records of XYZ Company for the year ended December 31, 2021: Utilities payable ........... $12,000 Trademark ................... ? Retained earnings ........... $37,000 (at January 1, 2021) Inventory ................... $26,000 Accumulated depreciation .... $15,000 Cash ........................ $11,000 Mortgage payable ............ $30,000 (due April 1, 2024) Cost of goods sold .......... $35,000 Building .................... ? Income tax expense .......... $24,000 Patent ...................... $17,000 Utilities expense ........... ? Interest revenue ............ $55,000 Accounts payable ............ $27,000 Dividends ................... ? Notes payable ............... $39,000 (due October 1, 2022) Accounts receivable ......... $36,000 Sales revenue ............... $94,000 Equipment ................... $79,000 Common stock ................ $81,000 Advertising expense ......... $14,000 Supplies .................... $21,000 The following additional information is available: 1. The total P-P-E at December 31, 2021 was double the amount of total current liabilities at December 31, 2021. 2. 25% of XYZ Company's 2021 net income was paid to stockholders as dividends. 3. Total equity at December 31, 2021 was equal to $163,000. Calculate the balance in the utilities expense account at December 31, 2021. Do not use decimals in your answer.
The following information was taken from the accounting records of XYZ Company for the year ended December 31, 2021: Utilities payable ........... $12,000 Trademark ................... ? Retained earnings ........... $37,000 (at January 1, 2021) Inventory ................... $26,000 Accumulated depreciation .... $15,000 Cash ........................ $11,000 Mortgage payable ............ $30,000 (due April 1, 2024) Cost of goods sold .......... $35,000 Building .................... ? Income tax expense .......... $24,000 Patent ...................... $17,000 Utilities expense ........... ? Interest revenue ............ $55,000 Accounts payable ............ $27,000 Dividends ................... ? Notes payable ............... $39,000 (due October 1, 2022) Accounts receivable ......... $36,000 Sales revenue ............... $94,000 Equipment ................... $79,000 Common stock ................ $81,000 Advertising expense ......... $14,000 Supplies .................... $21,000 The following additional information is available: 1. The total P-P-E at December 31, 2021 was double the amount of total current liabilities at December 31, 2021. 2. 25% of XYZ Company's 2021 net income was paid to stockholders as dividends. 3. Total equity at December 31, 2021 was equal to $163,000. Calculate the balance in the utilities expense account at December 31, 2021. Do not use decimals in your answer.
Bunny GreenfelderLv2
28 Sep 2019