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Question 6 6 pts The following information was taken from the accounting records of Z2, Inc. for the year ended December 31, 2019: Cash ...s...26,000 Accounts PayableS41,000 Sales Revenue 095,000 Copyrightvonco.$37,000 Advertising Expense n. Common Stock $97,000 Utilities Supplies$13,000 Cost of Goods sola . Rental Revenue $29,000 Building Notes Payable Utilities Expense$16,00 InventoryANH.v.$77,00 Dividendssowwspepo $11,000 Equipment$56,000 Retatned Earnings $59,000 Cat January 1, 2019) Income Tax Expense $18,000 Accounts Receivable$61, Payable $16,000 $42,000 UABEBEUSR$68,000 z ZZ, Inc reported total equity at December 31, 2019 of $178,000 . Calculate the balance in the notes payable account at becember 31, 2019
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End-of-Period Spreadsheet For the Year Ended December 31, 2019 Adjusted Trial Balance Account Title Dr Cash Accounts Receivable Supplies Inventory Copyright Buildings Equipment Accounts Payable Utilities Payable Payable Notes Payable Common Stock Retained Earnings Dividends Sales Revenue Rent Revenue COGS Advertising Expense Utilities Expense Income tax Expense 26,000 61,000 13,000 77,000 37,000 68,000 56,000 41,000 16,000 103,000 Plug-in 97,000 59,000 11,000 95,000 29,000 42,000 15,000 16,000 18,000 440,000 440,000 Income Statement Sales Revenue Rent Revenue Service Revenue Expenses COGS Advertising Expense Utilities Expense Income tax Expense Total Expense Net Income 95,000 29,000 124,000 42,000 15,000 16,000 18,000 Plug-in 91,000 33,000 atement of Retained Earnigs Beginning Balance Add: Net Income Less: Dividends Ending Balance 59,000 33,000 Plug-in (11,000) 81,000 (178,000-97000)

Balance Sheet Assets Cash Accounts Receivable Supplies Inventory Current Assets $26,000 61,000 13,000 77,000 177,000 Copyright Buildings Equipment Property Plant & Equipment (Net) 37,000 68,000 56,000 161,000 Total Assets 338,000 Accounts Payable Utilities Payable Payable Current Liabilities Notes Payable Common Stock Retained Earnings 41,000 16,000 57,000 103,000 97,000 81,000 Total Liabilities & owners Equity 338,000

Answer: Notes Payable = $103,000

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