Determine the balance in the cash account

Assignment Help Accounting Basics
Reference no: EM132526210

Question - XYZ Instruments, Inc. sells musical instruments. On December 31, 2019, after its first month of business, XYZ Instruments, Inc. had the following balances in its accounts, listed alphabetically.

Accounts Receivable $5,000

Accounts Payable 15,000

Advertising Expense 2,000

Building 17,500

Cash ?

Common Stock 200,000

Dividends 6000

Equipment 10,000

Land 350,000

Notes Payable 50,000

Office Supplies 3,700

Salaries Expense 3,000

Service Revenue 45,000

Utilities Expense 4,050

Required - Determine the balance in the cash account and prepare the trial balance.

Reference no: EM132526210

Questions Cloud

What the balance for provision for warranty repairs : Show calculations to determine what the balance for provision for warranty repairs should be. What journal entry would be made to record
Determine the amount of money in account b : For 10 years, $200 is invested into account A at the end of each year which has 8% effective interest rate per year. Determine the amount of money in account B
Explain why stem cells and cancerous cells have unlimited : Explain why stem cells and cancerous cells have unlimited reproductive capability, while somatic cells can divide only a finite number of times.
Demonstrate your excellence in research skill. : This discussion requires you to demonstrate your excellence in research skill. Discuss how you applied core value of excellence as you completed your research.
Determine the balance in the cash account : XYZ Instruments, Inc. sells musical instruments. Determine the balance in the cash account and prepare the trial balance
What are the three areas : What are the three areas and what are some of the particular questions to be addressed in each area? generic financial management decisions
Write your resposne on the given problem based on art : Paragraphs Paragraphs should contain a topic, an explanation or expansion of that topic, support or examples, analysis or original thought on the topic.
How do differentiate systematic risk from unsystematic risk : How do you differentiate systematic risk from unsystematic risk? How do you compute this measure of risk? Provide the suitable example.
Determine the ending inventory cost : Question - Periodic inventory by three methods; cost of goods sold. Determine the ending inventory cost and the cost of goods sold by three methods

Reviews

Write a Review

Accounting Basics Questions & Answers

  Tack reported a retained earnings balance of 150000 at dec

tack reported a retained earnings balance of 150000 at dec 312007.in june 2008 tacks internal audit staff discovered

  When was the employee hired

What is the expected postretirement benefit obligation at the end of 2013? When was the employee hired? What is the expected postretirement benefit obligation at the beginning of 2013?

  Hart manufacturing operates an automated steel fabrication

hart manufacturing operates an automated steel fabrication process. for one operation hart has found that 46 of the

  Compute accrual-basis net income

Primo Industries also paid $72,000 for expenses in 2015. Of amount paid, $30,000 was for expenses incurred on account in 2014, Compute accrual-basis net income

  Compute the operating income for each of the five customers

Handy-Man Services is a repair-service company specializing in small household jobs. Each client pays a fixed monthly service fee based on the number of rooms in the house. Records are kept on the time and material costs used for each repair. The ..

  Prepare a pension worksheet for the pension plan

The interest (settlement) rate applicable to the plan is 10%. Prepare a pension worksheet for the pension plan for 2013 and 2014

  Discuss the ethical dilemma moncrief faces

In 2012 the Moncrief Company purchased from Jim Lester the right to be the sole distributor in the western states of a product called Zelenex.

  Coefficient of range for the data

Calculate coefficient of range for the data in 37, 80, 82, 41, 49, 60, 38, 61, 64, 29

  Calculate the economic value added for each

Required: Calculate the economic value added (EVA) for each of Golden Gate Construction Associates' divisions

  What were the consolidated retained earnings on december

If the parent's net income reflected use of the equity method, what were the consolidated retained earnings on December 31, 2010

  Prepare the entries at the date of issuance

Two years later the bond is converted when the market value of the stock is $150. Prepare the entries at the date of issuance and at the date of conversion.

  What is the null hypothesis

The owner of the store from Chapter 12, Exercise 1, wants to know if the mean age of all customers is 25 years old. a) What is the null hypothesis? b) Is the alternative one- or two-sided?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd