Shown below in alphabetical order are the accounts for AirIndy, Inc. at the end of the company’s fiscal year, December 31, 2021. The amounts are rounded to the nearest $1,000. Account Balance Account Balance Accounts payable $17 Income taxes payable $ 14 Accounts receivable 45 Insurance and interest expense 15 Accumulated depreciation 20 Maintenance and fuel expense 125 Airplanes 142 Note payable (due in 5 years) 43 Buildings and equipment 88 Passenger and freight service revenue 370 Advertising and supplies expense 53 Prepaid insurance 4 Cash 32 Retained earnings, 1/1/21 7 Common stock 135 Salary expense 71 Depreciation expense 11 Salaries payable 8 Dividends 5 Supplies 18 Income tax expense 25 Unearned revenue 20 Calculate Current Liabilities as of 12/31/20.
Shown below in alphabetical order are the accounts for AirIndy, Inc. at the end of the company’s fiscal year, December 31, 2021. The amounts are rounded to the nearest $1,000. Account Balance Account Balance Accounts payable $17 Income taxes payable $ 14 Accounts receivable 45 Insurance and interest expense 15 Accumulated depreciation 20 Maintenance and fuel expense 125 Airplanes 142 Note payable (due in 5 years) 43 Buildings and equipment 88 Passenger and freight service revenue 370 Advertising and supplies expense 53 Prepaid insurance 4 Cash 32 Retained earnings, 1/1/21 7 Common stock 135 Salary expense 71 Depreciation expense 11 Salaries payable 8 Dividends 5 Supplies 18 Income tax expense 25 Unearned revenue 20 Calculate Current Liabilities as of 12/31/20.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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Shown below in alphabetical order are the accounts for AirIndy, Inc. at the end of the company’s fiscal year, December 31, 2021. The amounts are rounded to the nearest $1,000.
Account |
Balance |
Account |
Balance |
Accounts payable |
$17 |
Income taxes payable |
$ 14 |
Accounts receivable |
45 |
Insurance and interest expense |
15 |
|
20 |
Maintenance and fuel expense | 125 |
Airplanes |
142 |
Note payable (due in 5 years) |
43 |
Buildings and equipment |
88 |
Passenger and freight service revenue |
370 |
Advertising and supplies expense |
53 |
Prepaid insurance |
4 |
Cash |
32 |
|
7 |
Common stock |
135 |
Salary expense |
71 |
Depreciation expense |
11 |
Salaries payable |
8 |
Dividends |
5 |
Supplies |
18 |
Income tax expense | 25 | Unearned revenue | 20 |
Calculate Current Liabilities as of 12/31/20.
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