The following is the Alpha Dog Company adjusted Trail Balance. Alpha Dog Company
ID: 2569241 • Letter: T
Question
The following is the Alpha Dog Company adjusted Trail Balance.
Alpha Dog Company
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
157,700
Supplies
35,255
Stock Investment
158,250
Equipment
295,285
Accumulated Depreciation
$235,260
Accounts Payable
47,555
Wages Payable
30,000
Capital Stock
200,000
Retained Earnings
136,145
Service Revenue
897,105
Interest Income
1,500
Rent Expense
63,250
Wages Expense
537,260
Supplies Expense
42,520
Depreciation Expense
163,595
Dividends
6,000
________
Totals
$1,547,565
$1,547,565
What are the dollar values that will appear in Alpha Dog Company's year end financial statements for the following line items: (For any negative dollar value the number must be enclosed in brackets and do not use a minus sign.)
1. Total Current Assets
2. Total Long Term Investments
3. Total Assets
4. Total Liabilities
5. Total Equity
Alpha Dog Company
Adjusted Trial Balance
December 31, 2016
Account Title
Debit
Credit
Cash
$88,450
Accounts Receivable
157,700
Supplies
35,255
Stock Investment
158,250
Equipment
295,285
Accumulated Depreciation
$235,260
Accounts Payable
47,555
Wages Payable
30,000
Capital Stock
200,000
Retained Earnings
136,145
Service Revenue
897,105
Interest Income
1,500
Rent Expense
63,250
Wages Expense
537,260
Supplies Expense
42,520
Depreciation Expense
163,595
Dividends
6,000
________
Totals
$1,547,565
$1,547,565
Explanation / Answer
Answer 1.
Current Assets = Cash + Accounts Receivable + Supplies
Current Assets = $88,450 + $157,700 + $35,255
Current Assets = $281,405
Answer 2.
Total Long-term Investments = Stock Investment
Total Long-term Investments = $158,250
Answer 3.
Property, Plant and Equipment = Equipment - Accumulated Depreciation
Property, Plant and Equipment = $295,285 - $235,260
Property, Plant and Equipment = $60,025
Total Assets = Current Assets + Total Long-term Investments + Property, Plant and Equipment
Total Assets = $281,405 + $158,250 + $60,025
Total Assets = $499,680
Answer 4.
Total Liabilities = Accounts Payable + Wages Payable
Total Liabilities = $47,555 + $30,000
Total Liabilities = $77,555
Answer 5.
Net Income = Service Revenue + Interest Income - Rent Expense - Wages Expense - Supplies Expense - Depreciation Expense
Net Income = $897,105 + $1,500 - $63,250 - $537,260 - $42,520 - $163,595
Net Income = $91,980
Equity = Capital Stock + Retained Earnings + Net Income - Dividends
Equity = $200,000 + $136,145 + $91,980 - $6,000
Equity = $422,125
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