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For each of the green boxes below, use the drop-down options to select the appropriate account type, financial statement and normal balance for each
For each of the green boxes below, use the drop-down options to select the appropriate account type, financial statement and normal balance for each of the accounts listed (worth 1/2 point each for a total of 31.5 points). Answer the questions below (see the individual questions for point values) using formulas to arrive at your answer. Be sure to pay special attention to additional instructions given for each question in order to receive full credit. Additonal Information The balance in Retained Earnings at the beginning of 2019 was $216,000. There was an average of 10,000 shares of common stock outstanding during 2019. Trout Corporation 2019 Year-End Balances #NAME? 2020 Year-End Balances Account Type Financial Statement Credit or Debit? Accounts Payable $ 5,500 $ 7,800 Accounts Receivable $ 27,350 $ 64,900 Accumulated Amortization $ 2,300 $ 4,000 Accumulated Depreciation $ 40,000 $ 76,000 Current Asset Building $ 440,000 $ 440,000 Long-Term Investment Cash $ 30,480 $ 87,920 Common Stock 10,000 $ Property Plant & Equipment 12,000 Dividends 4,000 $ 6,000 Intangible Asset Equipment 91,000 $ 91,000 Current Liability Furniture 11,000 $ Goodwill 79,800 $ Insurance Expense $ 2,000 $ 20,000 Long-Term Liability 79,800 Stockholders' Equity 3,500 Revenue Interest Payable $ 1,030 $ 1,020 Mortgage Payable $ 138,000 $ 99,000 Expense Note Payable $ 154,000 $ 126,100 Retained Earnings Prepaid Insurance $ 2,300 $ 5,000 Prepaid Rent $ 10,500 $ 10,000 Rent Expense $ 42,000 $ 52,000 Service Revenue $ 169,000 $ 206,000 Unearned Service Revenue $ 9,500 $ 1,500 Utilities Expense $ 4,900 $ 5,400
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