Reference no: EM132888107
Question - Preston Services' financial accounting information for the year ending May 31, 2019 is presented below. Assume all accounts have a normal balance.
Cash $8,860
Equipment $36,990
Accounts Payable $4,810
Accounts Receivable $3,580
Accumulated Depreciation $800
Unearned Revenue $1,650
Merchandise Inventory $7,770
Prepaid Insurance $2,910
Bank Loan $18,000
Thompson, Capital $34,850
The bank loan is payable over 5 years and $3,600 will be paid by May 31, 2020.
Calculate Current Assets, total current assets, Property, Plant, and Equipment, Total Property, Plant, and Equipment, Total Assets, Current Liabilities, Total Current Liabilities, Long-Term Liabilities, Total Long-Term Liabilities, Total Liabilities, Owner's Equity and Liabilities and Owner's Equity?
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