Question
A) At May 1, Ivanhoe Inc. reported at Cash account balance of $2100. During the month, the total of the debit entries to the Cash
A) At May 1, Ivanhoe Inc. reported at Cash account balance of $2100. During the month, the total of the debit entries to the Cash account amounted to $2400 and the total of the credit entries to the Cash account amounted to $1500. At the end of May, Ivanhoe Cash account has a
$4500 debit balance.
$1500 debit balance.
$3000 debit balance.
$1500 credit balance.
B).
On June 1, 2022, Vaughn Manufacturing reported a cash balance of $42840. During June, Vaughn made deposits of $16320 and made disbursements totaling $48960. What is the cash balance at the end of June?
$6120 credit balance
$10200 debit balance
$10200 credit balance
$59160 debit balance
C)
At January 1, 2022, Splish Brothers Inc. reported Retained Earnings of $420000. During 2022, Splish had a net loss of $90000 and paid dividends to the stockholders of $60000. At December 31, 2022, the balance in Retained Earnings is
$360000 credit.
$270000 credit.
$420000 debit.
$330000 debit.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started