Francisco Company has 10 employees, each of whom earns $3,000 per month and is p

Question

Francisco Company has 10 employees, each of whom earns $3,000 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. Francisco uses a payroll bank account and special payroll checks to pay its employees. On March 1, the following accounts and balances exist in its general ledger:

FICA

Francisco Company has 10 employees, each of whom earns $3,000 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. Francisco uses a payroll bank account and special payroll checks to pay its employees. On March 1, the following accounts and balances exist in its general ledger:

Explanation / Answer

Assets:
Cash 2,000
Accounts Receivable 12,000
Office Supplies 4,250
Office equipment 28,000
Land 36,000
Total assets 82,250

Liabilities:
Accounts Payable 7,500
Equity:
Owner

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