Homework Answers
Total credit balance = Accounts payable + Common Stock + Notes payable
Total credit balance = $25,200 + $21,200 + $46,000
Total credit balance = $92,400
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Knowledge Check 01 Chaco Company's trial was in balance at the end of the period and...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period--the balance after all revenue, expense, and dividend transactions. True or False True False Knowledge Check 01 The is the average time between purchasing inventory and receiving cash proceeds from its sale. Multiple Choice operating cycle reporting period Inventory turnover days in inventory Knowledge Check 01 Which of the following is an example of a current...
Broadway, Inc.'s trial balance was in balance at the end of the period and showed the...
Broadway, Inc.'s trial balance was in balance at the end of the period and showed the following accounts: Account Accounts Payable Cash Common Stock Equipment Land Notes Payable Balance $26,000 44,200 21,400 10,400 39,800 47,000 What is the balance of the credit column on Broadway's trial balance? Multiple Choice < Prev 3 of 5 Next > $193,000. $68,400. оооо 573 ооо. $73,000. $94,400. < Prev 305 !! Next >
References Knowledge Check 01 The adjusted trial balance is used to verify that total de Bts...
References Knowledge Check 01 The adjusted trial balance is used to verify that total de Bts equal total credits after account balances have been updated to reflect adjusting entries. True or False True False Financial statements are typically prepared before completing the adjusted trial balance. True or False True False Knowledge Check 01 The adjusted trial balance for Willow Company as of December 31 is presented below. Credit Debit $ 15,000 22,000 165,000 Cash Accounts Receivable Land Accounts Payable Common...
UNCTIUNEnteps%253A%252F%252Fkei... 01 HW Saved Help Save & Exi- Check Required information Knowledge Check 01 The company's...
UNCTIUNEnteps%253A%252F%252Fkei... 01 HW Saved Help Save & Exi- Check Required information Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000, Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Owner, Capital, $63,500; Owner, Withdrawals, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000: Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering...
The following is a complete listing of all account balances on the trial balance of Todd...
The following is a complete listing of all account balances on the trial balance of Todd Company at the end of the period: Account Accounts Payable Cash Common Stock Equipment Land Notes Payable Balance $32,400 50,700 39,000 18,000 49,500 64,500 Todd's trial balance is not in balance and the company's accountant has determined that the error is in the cash account. What is the correct balance in the cash account? Multiple Choice O $3,900 $74,100, $36,000 O $68,400
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit...
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,200 132,000 4,200 220,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $117,000 10,200 9,200 3,200 22,000 120,000 42,000 320,000 220,000 11,000 22,000 3,200 $643, 600 $643, 600 FIGHTIN' BLUE HENS CORPORATION Post-Closing...
The trial balance of Metlock Wholesale Company contained the following accounts shown at December 31, the...
The trial balance of Metlock Wholesale Company contained the following accounts shown at December 31, the end of the company's fiscal year. METLOCK WHOLESALE COMPANY Trial Balance December 31,2022 Debit Credit Cash $31,300 Accounts Receivable 36,800 Inventory 70,200 Land 92,200 200,100 Buildings Accumulated Depreciation-Buildings $ 60,200 Equipment 83.700 Accumulated Depreciation-Equipment 40,700 Notes Payable 54,900 Accounts Payable 17,700 Common Stock 160,100 Retained Earnings 67,400 Dividends 10,200 Sales Revenue 922,300 Sales Discounts 6,200 Cost of Goods Sold 710,100 Cost of Goods Sold...
Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 20Y3 Adjusted Trial Balance...
Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 20Y3 Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 494 Accounts Receivable 3,626 Supplies 165 Prepaid Insurance 124 Land 4,120 Equipment 1,648 Accum. Depr.-Equipment 330 Accounts Payable 1,483 Wages Payable 165 Common Stock 40 Retained Earnings 7,128 Dividends 330 Fees Earned 4,038 Wages Expense 989 Rent Expense 494 Insurance Expense 412 Utilities Expense 288 Supplies Expense 247 Depreciation Expense-Equip. 165...
The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company....
The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company. Account Title Debit Credit Cash $ 9,400 Accounts receivable 18,100 Office supplies 2,300 Trucks 175,000 Accumulated depreciation—Trucks $ 34,000 Land 68,000 Accounts payable 12,900 Interest payable 3,400 Long-term notes payable 43,000 Common stock 21,200 Retained earnings, December 31, 2017 159,000 Dividends 20,100 Trucking fees earned 131,000 Depreciation expense—Trucks 23,400 Salaries expense 69,000 Office supplies expense 8,100 Repairs expense—Trucks 11,100 Totals $ 404,500 $ 404,500...
North Star prepared the following unadjusted trial balance at the end of its second year of...
North Star prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. Account Titles Debit Credit Cash $ 12,200 Accounts Receivable 6,200 Prepaid Rent 2,440 Equipment 21,200 Accumulated Depreciation $ 1,020 Accounts Payable 1,020 Income Tax Payable 0 Common Stock 25,000 Retained Earnings 2,300 Sales Revenue 50,600 Salaries and Wages Expense 25,200 Utilities Expense 12,700 Rent Expense 0 Depreciation Expense 0 Income Tax Expense 0 Totals $ 79,940 $ 79,940 Other data...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period--the balance after all revenue, expense, and dividend transactions. True or False True False Knowledge Check 01 The is the average time between purchasing inventory and receiving cash proceeds from its sale. Multiple Choice operating cycle reporting period Inventory turnover days in inventory Knowledge Check 01 Which of the following is an example of a current...
Broadway, Inc.'s trial balance was in balance at the end of the period and showed the following accounts: Account Accounts Payable Cash Common Stock Equipment Land Notes Payable Balance $26,000 44,200 21,400 10,400 39,800 47,000 What is the balance of the credit column on Broadway's trial balance? Multiple Choice < Prev 3 of 5 Next > $193,000. $68,400. оооо 573 ооо. $73,000. $94,400. < Prev 305 !! Next >
References Knowledge Check 01 The adjusted trial balance is used to verify that total de Bts equal total credits after account balances have been updated to reflect adjusting entries. True or False True False Financial statements are typically prepared before completing the adjusted trial balance. True or False True False Knowledge Check 01 The adjusted trial balance for Willow Company as of December 31 is presented below. Credit Debit $ 15,000 22,000 165,000 Cash Accounts Receivable Land Accounts Payable Common...
UNCTIUNEnteps%253A%252F%252Fkei... 01 HW Saved Help Save & Exi- Check Required information Knowledge Check 01 The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000, Accumulated Depreciation, $25,000, Accounts Payable, $10,000; Owner, Capital, $63,500; Owner, Withdrawals, $2,000; Sales, $56,000; Sales Returns and Allowances, $3,000: Sales Discounts, $1,500; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the second closing entry by selecting the account names from the pull-down menus and entering...
The following is a complete listing of all account balances on the trial balance of Todd Company at the end of the period: Account Accounts Payable Cash Common Stock Equipment Land Notes Payable Balance $32,400 50,700 39,000 18,000 49,500 64,500 Todd's trial balance is not in balance and the company's accountant has determined that the error is in the cash account. What is the correct balance in the cash account? Multiple Choice O $3,900 $74,100, $36,000 O $68,400
The December 31, 2021, adjusted trial balance for Fightin' Blue Hens Corporation is presented below. Credit Debit $ 10,200 132,000 4,200 220,000 Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals $117,000 10,200 9,200 3,200 22,000 120,000 42,000 320,000 220,000 11,000 22,000 3,200 $643, 600 $643, 600 FIGHTIN' BLUE HENS CORPORATION Post-Closing...
The trial balance of Metlock Wholesale Company contained the following accounts shown at December 31, the end of the company's fiscal year. METLOCK WHOLESALE COMPANY Trial Balance December 31,2022 Debit Credit Cash $31,300 Accounts Receivable 36,800 Inventory 70,200 Land 92,200 200,100 Buildings Accumulated Depreciation-Buildings $ 60,200 Equipment 83.700 Accumulated Depreciation-Equipment 40,700 Notes Payable 54,900 Accounts Payable 17,700 Common Stock 160,100 Retained Earnings 67,400 Dividends 10,200 Sales Revenue 922,300 Sales Discounts 6,200 Cost of Goods Sold 710,100 Cost of Goods Sold...
Alert Security Services Co. End-of-Period Spreadsheet For the Year Ended October 31, 20Y3 Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash 494 Accounts Receivable 3,626 Supplies 165 Prepaid Insurance 124 Land 4,120 Equipment 1,648 Accum. Depr.-Equipment 330 Accounts Payable 1,483 Wages Payable 165 Common Stock 40 Retained Earnings 7,128 Dividends 330 Fees Earned 4,038 Wages Expense 989 Rent Expense 494 Insurance Expense 412 Utilities Expense 288 Supplies Expense 247 Depreciation Expense-Equip. 165...
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