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Bologna Lodging Had the Following Accounts and Balances as of December

question 280

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Bologna Lodging had the following accounts and balances as of December 31:
AccountDebitCredit Cash $20,000 Accounts Receivable 2,000 Salaries Expense 500 Accounts Pavable $4000 Lodging Revenue 7,000 Utilities Expense 500 Prepaid Insurance 1,400 Supplies 1,500 Common Stock 10,000 Retained Earnings 4,900 Totals $25,900$2,9,900\begin{array}{lrr}\text {Account}&\text {Debit}&\text {Credit}\\\text { Cash } & \$ 20,000 \\\text { Accounts Receivable } & 2,000 \\\text { Salaries Expense } & 500\\\text { Accounts Pavable }&&\$ 4000\\\text { Lodging Revenue } & & 7,000 \\\text { Utilities Expense } & 500 & \\\text { Prepaid Insurance } & 1,400 & \\\text { Supplies } & 1,500 & \\\text { Common Stock } & & 10,000 \\\text { Retained Earnings } & &4,900 \\\text { Totals } & \$ 25,900 & \$ 2,9,900 \\\end{array}
Using the information in the table,calculate the total assets reported on Bologna's balance sheet for the period.

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Definitions:

Inflation Reduction

Efforts and policies aimed at decreasing the rate at which prices for goods and services rise.

Central Bank

The primary monetary authority of a country or region, responsible for regulating the money supply, issuing currency, and managing interest rates to ensure economic stability.

Fiscal Policy

Government adjustments in spending levels and tax rates to monitor and influence a nation's economy.

Lag

The time delay between the occurrence of one event and the occurrence of another event that is directly related to the first.

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