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:
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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
- Determine Rossi’s total assets as of December 31.
- Determine the company’s total liabilities as of December 31.
- Compute 20X3 net income or loss.
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