Reference no: EM132998037
Problem 1: Calculate the total of asset side in Balance sheet, from the given information-
Equipment $40,000;
Owner's Closing capital $400,000;
Unearned revenue $55,000;
Prepaid expenses $5000;
Equipment $350,000;
Debtors $4000;
Accounts receivable 56,000
A. $455,000
B. $399,000
C. $454,000
D. None of these
Problem 2: Calculate Closing capital from the following information-
Opening capital $500,000;
Withdrawals $45,000;
Investment by owner $10,000,
Net loss $4500
A. $460,500
B. $469,500
C. $400,000
D. $496,500
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