Reference no: EM131828754
Question 1:
Salaries and wages expense 45,700 Cash 8,200
Utilities expense 19,100 Accounts receivable 10,780
Equipment 38,000 Accumulated depreciation 6,000
Accounts payable 5,100 Dividends 4,000
Service revenue 57,200 Depreciation expense 4,000
Rent revenue 6,500 Retained earnings 20,000
(Aug. 1, 2012)
Common stock 20,000 Retained earnings 19,900
(July 31, 2013)
Instructions
(a) Prepare a balance sheet at July 31.
Question 2:
A post-closing trial balance will show
a. zero balances for all accounts.
b. zero balances for balance sheet accounts.
c. only balance sheet accounts.
d. only income statement accounts.
Question 3:
The following selected account balances appear on the December 31, 2013 balance sheet of Superchunk Co.
Land (location of the corporation's office building) $150,000
Corporate Office Building 900,000
Inventory 300,000
Equipment 675,000
Office Furniture 225,000
Accumulated Depreciation 340,000
What is the total amount of property, plant, and equipment that will be reported on the balance sheet?
a. $1,310,000
b. $1,535,000
c. $1,610,000
d. $1,950,000
Question 4:
At December 1, 2014, Cursive Company's accounts receivable balance was $1,200. During December, Cursive had credit revenues of $4,800 and collected accounts receivable of $5,600. At December 31, 2014, the accounts receivable balance is
a. $400 debit.
b. $2,000 debit.
c. $400 credit.
d. $2,000 credit.