ACC 205 Week 1 Exercise 2 Basic computations

ACC 205 Week 1 Exercise 2 Basic computations

1.Basic computations. The following selected balances were extracted from the accounting records of Rossi Enterprises on December 31, 20X3:

 

Accounts Payable $3,200 Interest Expense $2,500

 

Accounts Receivable 14,800 Land 18,000

 

Auto Expense 1,900 Loan Payable 40,000

 

Building 30,000 Tax Expense 3,300

 

Cash 7,400 Utilities Expense 4,100

 

Fee Revenue 56,900 Wage Expense 37,500

 

  1. Determine Rossi’s total assets as of December 31.

 

  1. Determine the company’s total liabilities as of December 31.

 

  1. Compute 20X3 net income or loss.

 

 

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