Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following list of accounts is from the adjuste

The following list of accounts is from the adjusted trial balance for Pronghorn Corporation: ...

60.1K

Verified Solution

Question

Accounting

The following list of accounts is from the adjusted trial balance for Pronghorn Corporation:

Accounts payable

 $120,600

Equipment

 $850,500

Accounts receivable

 168,300

Income tax expense

 54,900

Accumulated depreciationbuildings

 88,200

Insurance expense

 105,300

Accumulated depreciationequipment

 204,300

Inventory

 208,800

Advertising expenses

 100,800

Land

 990,000

Buildings

 385,200

Loan payable (due in 2 years)

 1,755,000

Cash

 63,900

Prepaid expenses

 26,100

Common shares

 207,000

Property tax payable

 16,200

Cost of goods sold

 1,002,600

Refund liability

 18,900

Deferred revenue

 28,800

Salaries expense

 698,400

Depreciation expense

 169,200

Salaries payable

 23,400

Sales

 2,361,600
Gross profit $1359000
Net income $230400

(c)

Determine the amount of Pronghorns current assets and current liabilities.

Total current assets

 $

Total current liabilities

 $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students