Calculate the amount of total liabilities that abc company

Reference no: EM13576306

ABC Company began operations on August 1, 2013 and entered into the following transactions during 2013:

1. On August 1, ABC Company sold common stock to owners in the amount of $200,000 and borrowed 100,000 from the local bank on a 10-month, 12% note payable

2. On September 1, ABC Company purchased a parcel of land costing $80,000 by paying $20,000 in cash and agreeing to pay the remainder within six months

3. On October 1, ABC Company received $50,000 cash from a customer for services to be performed over the next 10 months

4. On November 15, ABC Company paid its stockholders a dividend totaling $3,000 cash

5. On December 1, ABC Company paid $10,000 of the amount owed for the land purchased on September 1

Calculate the amount of total liabilities that ABC Company would report in its December 31, 2013 balance sheet after all the above transactions are recorded and all necessary adjusting entries are made. Do not use decimals in your answer.

Reference no: EM13576306

Questions Cloud

House of organs inc purchases organs from a well-known : house of organs inc. purchases organs from a well-known manufacturer and sells them at the retail level. the organs

Leon plans to save 300 per month at the end of each month : leon plans to save 300 per month at the end of each month for retirement. he has 27 years to save for retirement. at an

Calculate the amount of total equity that xyz company would : at january 1 2010 xyz company reported total assets of 400000 total liabilities of 150000 and total equity of 250000.

Explain the importance of understanding inventory : explain the importance of understanding inventory valuation methods in determining the quality of profit numbers.no

Calculate the amount of total liabilities that abc company : abc company began operations on august 1 2013 and entered into the following transactions during 20131. on august 1 abc

After reflecting on what you have learned and how you have : after reflecting on what you have learned and how you have benefited by taking ac300 intermediate accounting i write a

Companies will no longer be able to value their inventory : companies will no longer be able to value their inventory using last-in first out lifo which will affect small business

The transactions below relate to xyz delivery company : the transactions below relate to xyz delivery company. indicate the effect of each transaction on the accounting

The devon motor company produces motorcycles during april : the devon motor company produces motorcycles. during april the company purchased 8000 batteries at a cost of 10 per

User Account

All Pages