What should matching totals in the debit and credit columns

Assignment Help Accounting Basics
Reference no: EM132524607

Question - An accountant for a firm is preparing a post-closing trial balance and has the following figures that represent all debit and credit accounts:

Cash: 100,000

Accounts Receivable: 20,000

Accounts Payable: 50,000

Accumulated Depreciation: 20,000

Prepaid Rent: 10,000

Equipment: 40,000

Capital Stock: 80,000

Retained Earnings: 20,000

Required - What should the matching totals in the debit and credit columns be when the trial balance is prepared?

A. 100,000

B. 150,000

C. 170,000

D. 190,000

Reference no: EM132524607

Questions Cloud

Dds corporation stock pays a current dividend : DDS corporation stock pays a current dividend of $1.00 per share.
Find what is balance that would appear in venus company'' : Find What is the balance that would appear in Venus Company's inventory account on February 1 assuming use of a periodic inventory system? Explain.
What is the market value of the bond : Given the market rate of interest of 4.8 percent, what is the market value of the bond? (Round answer to 2 decimal places, e.g. 15.25.)
In what ways can social influence have a positive impact : In what ways can social influence have a positive impact on behavior? In what ways can social influence have a negative impact on behavior? Provide examples.
What should matching totals in the debit and credit columns : Accounts Receivable: 20,000 and Prepaid Rent: 10,000. What should the matching totals in the debit and credit columns be when the trial balance is prepared
Scan the internet for business plan preparation : Scan the Internet for business plan preparation sites. What kinds of templates are available?
Prepare the journal entry to record Evans transaction : Faith Evans Corporation is a regional company which is an SEC registrant. Prepare the journal entry to record Evans' transaction
Record each adjusting entries : The company paid $18,000 for a one year lease that commenced on 9/1/20. Record each adjusting entries and if they took to permanent account entries
What is privacy : What are the general principles for privacy protection in information systems? Describe briefly 2 threats to personal data privacy in the information age.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Compute the earnings per share of common stock

Compute the earnings per share of common stock assuming the dividend on preferred stock was not declared and the preferred stock is cumulative

  Assuming that all direct materials are placed in process at

department g had 3300 units one-third completed at the beginning of the period 13843 units were completed during the

  How forecasting might be used for university planning

Discuss in general terms how forecasting might be used for university planning to address these specific problem areas. Include in your discussion the types of forecasting methods that might be used.

  John harper has borrowed 17400 to pay for his new truck the

john harper has borrowed 17400 to pay for his new truck. the annual interest rate on the loan is 9.4 percent and the

  Journalize entries for the sale of accounts receivable

On June 12, 2020, Shoemaker paid the amount previously written off. Journalize entries for the sale of accounts receivable

  Calculate liquidity and working capital ratios from accounts

Calculate liquidity and working capital ratios from the accounts of a manufacturer of products for the construction industry, and comment on the ratios.

  Calculate the amount of revenue

Assuming an effective interest rate of 10% pa, calculate the amount of revenue which should be recognised in the years 20X7, 20X8 and 20X9

  An insurance premium of 18000 was prepaid in 2010 covering

langley companys december 31 year-end financial statements contained the following errors dec 31 2010 dec 31 2011

  Calculate parsleys loss per share for year ended december

Parsley Corporation had 150,000 shares of common stock and 4,000 shares of 9%. Calculate Parsley's loss per share for the year ended December 31, 2016.

  Prepare an income statement down to the gross margin line

Gould's Company, which furnishes a single product, use the perpetual inventory method. Prepare an income statement down to the gross margin line

  You are auditing the accounts receivable balance of a cable

1 you are auditing the accounts receivable balance of a cable television provider. individual accounts

  Examine the underlying historical and economic reasons

Examine the underlying historical and economic reasons

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