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How much are cutoff total assets after adjusting entries

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Reference no: EM131734151

Problem - On December 31, Year 15, Cutoff Corporation reported total assets of $142,000 prior to the following adjusting entries:

  • Accrued expenses totaled $14,000
  • Expired insurance which was prepaid totaled $5,000
  • Rent revenue earned was $12,000; the rent was prepaid by the tenant and credited to unearned rent revenue
  • Depreciation expense was $22,000
  • Accrued service revenues totaled $12,000

How much are Cutoff's total assets after adjusting entries?

Reference no: EM131734151

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