ABC Company is preparing for an audit. To begin with, they are evaluating the ba

Question

ABC Company is preparing for an audit. To begin with, they are evaluating the balances

in each account of the trial balance. Using the attached trial balance, enter the balances

for the following accounts:

Cash: $7,500

Finished goods inventory: $1,000

Receivables: $500

Machinery and equipment: $3,000

Building: $5,000

Common stock: $11,500

Bank loan (to be repaid in 3 years): $4,000

Accounts payable: $500

Sale of goods produced: $3,000

Cost of goods sold: $1,500

Interest expense: $500

Enter the category (current and non-current asset/liability, equity, income statement).

Can Anyone Help????

Explanation / Answer

cash current asset FG inventory current asset receivables current asset machinery non current asset building non current asset common stock equity bank loan non current liability accounts payable current liability sale of goods produced income statement COGS income statement Interest expense income statement

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