the red ones are incorrect please find right answer ABA Ltd. Has collected the following data and asks you to prepare the Balance Sheet at 12/31/20X2:Balance Sheet ItemsAccounts Payable to SuppliersAccounts Receivable from CustomersMortgage PayableMachineCost of Goods SoldCashLand (net of depreciation)Income Taxes PayableDepreciation Expense MachineAccumulated Depreciation MachineRetained EarningsInventory$1,070$1,070$5,620$9,000$7,000$5,620$17,000$7,000$11,000$1,070$21,000$1,07012/31/20X2Required 1: ABA's Current assets as of 12/31/20X2 must have been: $ 7760$20,000$19,000$5,620$6,000$3,000$1,070$17,000$1,070$12,000$8,000$20,000$5,620Required 2: ABA's Non Current Assets as of 12/31/20X2 must have been: $26000 ✪Required 3: ABA's Total Assets as of 12/31/20X2 must have been: $33760 ✪Required 4: ABA's Current Liabilities as of 12/31/20X2 must have been: $ 13690Required 5: ABA's Non Current liabilities as of 12/31/20X2 must have been: $Required 6: ABA's Total Liabilities as of 12/31/20X2 must have been: $ 13690Required 7: ABA's Owner's Equity as of 12/31/20X2 must have been: $ 21000Required 8: ABA's Total Liabilities and Owner's Equity as of 12/31/20X2 must have been: $12/31/20X1

The balance sheet is the important financial statement of the business. It represents the business's…

Answered: ABA Ltd. Has collected the following…

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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Shttps://anu.instructure.comytourses/7789/quires/34131/take Question 7 Sps What is the impact on the accounting equatioon when an accunts receivable is collected? both sides increase both sides decrease only the Asset side changes the total of neither side changes Question 8 Spts
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