Question

The following information will be used for two questions. The following accounts appeared on the trial...

The following information will be used for two questions.

The following accounts appeared on the trial balance of Plague Incorporated at December 31, 2020. Assume that the number below is a debit or credit balance if the account normally has a debit or credit balance and add or subtract accordingly for the total. Using this information, answer the question below:

Accounts Receivable 62,208
Accumulated Other Comprehensive Income 49,194
Accumulated Depreciation - Bldg. 93,960
Additional Paid-in Capital 19,656
Allowance for Doubtful Accts. 936
Bonds Payable Due 1/1/2028 144,000
Buildings 231,120
Cash 20,430
Common Stock 135,000
Copyrights 23,148
Debt Investments (long-term) 33,768
Income Taxes Payable 18,720
Interest Payable 684
Inventory 189,630
Land 55,800
Notes Payable (maturing on 3/1/21) 23,040
Notes Receivable (maturing on 6/15/21) 16,560
Preferred Stock 90,000
Prepaid Insurance (maturing 8/1/21) 6,750
Retained Earnings 73,440
Salaries and Wages Payable 4,104
Supplies 4,536
Trading Securities 8,784

What is Plague Incorporated's total current assets to be shown on the December 31, 2020 balance sheet?

What is Plague Incorporated's total stockholders' equity to be shown on the December 31, 2020 balance sheet?

$347,634

$380,880

$95,742

$307,530

$283,554

$192,960

$307,962

$318,096

$42,444

$72,702

$325,080

$367,290

$291,402

None of the other answer choices is correct.

$46,548

$298,440
Business   Accounting   
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Homework Answers

Answer #1

Requirement 1:

Total stockholders' Equity 367,290

Calculations:

Stockholders' Equity
Common Stock 135,000
Preferred Stock 90,000
Additional Paid-in Capital 19,656
Retained Earnings 73,440
Accumulated Other Comprehensive Income 49,194
Total stockholders' Equity 367,290

Requirement 2:

Total current assets 307,962

Calculations:

Current assets
Cash 20,430
Accounts Receivable 62,208
Less: Allowance for Doubtful Accts. -936
Inventory 189,630
Supplies 4,536
Notes Receivable (maturing on 6/15/21) 16,560
Prepaid Insurance (maturing 8/1/21) 6,750
Trading Securities 8,784
Total current assets 307,962
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