Homework Answers
1)
Common stock = Cash + Expense + Furniture + Accounts receivable - Accounts payable - Revenue - Notes payable
= $4,000 + $16,500 + $11,000 + $11,000 - $10,000 - $5,000 - $7,500
= $20,000 Common stock
2)
Trial balance is prepared before balance sheet. Trial balance contains balances of all accounts. Trial balance present data in debit and credit format.
Option c.
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The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial...
The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial...
The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial balance. Accounts Payable $5,000 Revenue 3,000 Cash 2,000 Expenses 15,500 Furniture 13,000 Accounts Receivable 12,000 Common Stock Notes Payable 8,500 What amount should be shown for Common Stock on the trial balance? O A. $13,500 O B. $50,000 OC. $27,000 OD. $26.000
Score: 0 of 5 pts 2.4-13a The following are the current month's balances for ABC Financial...
Score: 0 of 5 pts 2.4-13a The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial balance. Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Common Stock Notes Payable $6,000 5,000 3,000 15,500 10,000 12,000 7,500 What amount should be shown for Common Stock on the trial balance? O A. $22,000 O B. $13,500 OC. $25,000 OD. $45,000
The following are the current month's balances for ABC Financial Services, Inc. bfore preparing the trial...
The following are the current month's balances for ABC Financial Services, Inc. bfore preparing the trial balanceWhat amount should be shown for Common Stock on the trial balance?
This Question: 4 pts 10 of 25 (9 complete) The following are the current month's balances...
This Question: 4 pts 10 of 25 (9 complete) The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial balance Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Common Stock Notes Payable $10,000 3,000 6,000 14,500 13,000 11,000 4,500 What amount should be shown for Common Stock on the trial balance? OA. $30,000 B. $14,500 O C. $46,000 O D. $27,000
This Question: 4 pts The following are selected current month's balances for Allbright Enterprises. Accounts Payable...
This Question: 4 pts The following are selected current month's balances for Allbright Enterprises. Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Allbright Capital Notes Payable $8,000 9,000 5,000 1,750 13,000 12,000 9.250 5,500 Based on this information, calculate the total amount of debits for the trial balance? O A. $26,750 OB. $25,000 OC. $31.750 OD. $30,000
The following are selected current month's balances for Morgan, Inc. Accounts Payable $9,000 Revenue $11,000 Cash...
The following are selected current month's balances for Morgan, Inc. Accounts Payable $9,000 Revenue $11,000 Cash $3,150 Expenses $1,600 Furniture $13,000 Accounts Receivable $16,000 Common Stock $7,250 Notes Payable $6,500 Based on this information, calculate the total amount of credits for the trial balance. A. $26,500 B. $24,750 C. $22,750 D. $33,750
When is a trial balance usually prepared? O A. before the financial statements are prepared OB....
When is a trial balance usually prepared? O A. before the financial statements are prepared OB. at the beginning of an accounting period OC. after the financial statements are prepared OD. after each entry is journalized The following transactions have been journalized and posted to the proper accounts. March is the first month of business operations. Mar. 1 The business received $7,000 cash and issued common stock to stockholders. Mar. 2 Paid the first month's rent of $600. Mar. 3...
can you show your work The following are the current month's balances for Jackson, Inc. Accounts...
can you show your work
The following are the current month's balances for Jackson, Inc. Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Common Stock Notes Payable $10,000 12,000 5000 1500 14,000 15,000 8250 4000 Calculate the total amount of credits for the trial balance. You Answered S24.250 Correct Answer DOLL
The following are the current month's balances for selected accounts of Sandlin Marketing Company. Accounts Payable...
The following are the current month's balances for selected accounts of Sandlin Marketing Company. Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Sandlin, Capital Notes Payable $6,000 8,000 1,050 1,200 11,000 15,000 10,250 4,000 What is the net income for Sandlin Marketing for the current month? A. $9,200 B. $6,800 O C. $9,050 OD. $8,000
Preparing a Classified Balance Sheet The following balances are from the post-closing trial balance of Armour...
Preparing a Classified Balance Sheet The following balances are from the post-closing trial balance of Armour Inc. Account Title Debit Credit Cash $16,000 $ Accounts receivable 65,000 Allowance for doubtful accounts 7,500 Inventory 90,000 Prepaid insurance 1,200 Short-term investments 28,000 Equipment 100,000 Building 300,000 Accumulated depreciation-equipment 20,000 Accumulated depreciation-building 7,500 Goodwill 30,300 Accounts payable 45,000 Salaries payable 5,000 Interest payable 1,500 Income tax payable 9,000 Notes payable, 8%, 5-year 250,000 Bonds payable, 7%, 10-year 15,000 Common stock 200,000 Retained earnings...
The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial balance. Accounts Payable $5,000 Revenue 3,000 Cash 2,000 Expenses 15,500 Furniture 13,000 Accounts Receivable 12,000 Common Stock Notes Payable 8,500 What amount should be shown for Common Stock on the trial balance? O A. $13,500 O B. $50,000 OC. $27,000 OD. $26.000
Score: 0 of 5 pts 2.4-13a The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial balance. Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Common Stock Notes Payable $6,000 5,000 3,000 15,500 10,000 12,000 7,500 What amount should be shown for Common Stock on the trial balance? O A. $22,000 O B. $13,500 OC. $25,000 OD. $45,000
This Question: 4 pts 10 of 25 (9 complete) The following are the current month's balances for ABC Financial Services, Inc. before preparing the trial balance Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Common Stock Notes Payable $10,000 3,000 6,000 14,500 13,000 11,000 4,500 What amount should be shown for Common Stock on the trial balance? OA. $30,000 B. $14,500 O C. $46,000 O D. $27,000
This Question: 4 pts The following are selected current month's balances for Allbright Enterprises. Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Allbright Capital Notes Payable $8,000 9,000 5,000 1,750 13,000 12,000 9.250 5,500 Based on this information, calculate the total amount of debits for the trial balance? O A. $26,750 OB. $25,000 OC. $31.750 OD. $30,000
When is a trial balance usually prepared? O A. before the financial statements are prepared OB. at the beginning of an accounting period OC. after the financial statements are prepared OD. after each entry is journalized The following transactions have been journalized and posted to the proper accounts. March is the first month of business operations. Mar. 1 The business received $7,000 cash and issued common stock to stockholders. Mar. 2 Paid the first month's rent of $600. Mar. 3...
can you show your work
The following are the current month's balances for Jackson, Inc. Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Common Stock Notes Payable $10,000 12,000 5000 1500 14,000 15,000 8250 4000 Calculate the total amount of credits for the trial balance. You Answered S24.250 Correct Answer DOLL
The following are the current month's balances for selected accounts of Sandlin Marketing Company. Accounts Payable Revenue Cash Expenses Furniture Accounts Receivable Sandlin, Capital Notes Payable $6,000 8,000 1,050 1,200 11,000 15,000 10,250 4,000 What is the net income for Sandlin Marketing for the current month? A. $9,200 B. $6,800 O C. $9,050 OD. $8,000
Preparing a Classified Balance Sheet The following balances are from the post-closing trial balance of Armour Inc. Account Title Debit Credit Cash $16,000 $ Accounts receivable 65,000 Allowance for doubtful accounts 7,500 Inventory 90,000 Prepaid insurance 1,200 Short-term investments 28,000 Equipment 100,000 Building 300,000 Accumulated depreciation-equipment 20,000 Accumulated depreciation-building 7,500 Goodwill 30,300 Accounts payable 45,000 Salaries payable 5,000 Interest payable 1,500 Income tax payable 9,000 Notes payable, 8%, 5-year 250,000 Bonds payable, 7%, 10-year 15,000 Common stock 200,000 Retained earnings...
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