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Refer to the following trial balance. Credit Debit $19,000 43,000 65,000 15,000 320,000 Cash Accounts Receivable Merchandise

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Answer #1

The Correct option is (B) i.e., $119000.

Reason:

We need to calculate balancing figure over here.

Retained earnings present above is Ending balance of retained earnings i.e., after payment of dividends of $6000 during the year. Therefore, while calculating balancing figure in above trial balance no adjustment of dividends of $6000 is required as it is already adjusted in Retained earnings of $22000.

Now, Balancing figure = Total Assets - Accounts Payable - Notes Payable - Common stock - Retained Earnings

i.e., Balancing figure = $( 462000 - 3000 - 25000 - 293000 - 22000)

Therefore, Balancing Figure = $119000 ( Option B).

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