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?
Homework Answers
Total of debt side= Cash+Expenses+Furniture+Accounts Receivable
= $3000+16500+13000+11000
= $43500
Total of credit side= Accounts Payable+Revenue+Common stock+Notes Payable
= $7000+4000+X+4500
= $15500+X
Total of debit side= Total of credit side
$43500= 15500+X
X= $43500-15500= $28000
X= Common stock= $28000
where, X= Common stock
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The following are the current month's balances for ABC
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