FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Nash's Trading Post, LLC's trial balance reported the following balances at the end of its first year: Cash $10360 Prepaid insurance 520 Accounts receivable 2590

Nash's Trading Post, LLC's trial balance reported the following balances at the end of its first year: Cash $10360 Prepaid insurance 520 Accounts receivable 2590 Accounts payable 2070 Notes payable 3110 Common stock 4000 Dividends 520 Revenues 21460 Expenses 12950 What amount did Nash's Trading Post, LLC's trial balance show as total credits?

Step by Step Solution

★★★★★

3.39 Rating (158 Votes )

There are 3 Steps involved in it

Step: 1

Answer To determine the total credits in Nashs Trading Post LLCs trial balance ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals of Financial Accounting

Fundamentals of Financial Accounting

Authors: Fred Phillips, Robert Libby, Patricia Libby

5th edition

78025915, 978-1259115400, 1259115402, 978-0078025914

More Books

Students also viewed these Accounting questions

Question

★★★★★
One Product Corp. (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: The...

Answered: 1 week ago

Question

★★★★★
One Product Corp. (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: Cash $...

Answered: 1 week ago

Question

★★★★★
7) The second financial statement to prepare is the statement of retained eamings. To determine the ending balance of retained earnings you need to start with the opening balance as reported in the...

Answered: 1 week ago

Question

★★★★★
Solve the following initial value problem. y" + 2y + 17y=0; y(0) = 1, y'(0) = -1

Answered: 1 week ago

Question

★★★★★
Using the Internal Revenue Code, describe two deductions for AGI that are not discussed in this chapter?

Answered: 1 week ago

Question

★★★★★
The governor of the Bank of Canada announces that over the next year, the rate of money growth will be reduced from its current rate of 10% to a rate of 2%. If the governor is believed by the public...

Answered: 1 week ago

Question

★★★★★
Was there corroboration between the reported results and peoples perceptions? Was triangulation used? Were differences of opinions made explicit?

Answered: 1 week ago

Question

★★★★★
On January 1, 2015, Datalink Inc. issued $100,000, 10%, 10-year bonds when the market rate of interest was 8%. Interest is payable on June 30 and December 31. The following financial information is...

Answered: 1 week ago

Question

★★★★★
The potential owner managers of a yet to be formed company are evaluating its prospects. Initial outlays will total $5.5 million and after tax cash inflows are expected to be $0.4 million at the end...

Answered: 1 week ago

Question

★★★★★
Barts Company has prepared the PP&E and depreciation schedule shown in Exhibit 8.46.1 below. The following information is available (assume the beginning balance has been audited): The land was...

Answered: 1 week ago

Question

★★★★★
Beginning Inventory and Purchases Purchased Units Unit Cost Total Cost Beginning Inventory 70 $70 $4,900 1st Purchase 80 $73 $5,840 2nd Purchase 100 $76 $7,600 3rd Purchase 115 $78 $8,970 Units...

Answered: 1 week ago

Question

★★★★★
The Austin Manufacturing Company wants to develop a cost estimating equation for its monthly cost of electricity. It has the following data: Month Cost of Electricity Direct Labor Hours January...

Answered: 1 week ago

Question

★★★★★
12. Portfolio Variance (LO2, CFA5). Use the following information to calculate the expected return and standard deviation of a portfolio that is 50 percent invested in 3 Doors, Inc., and 50 percent...

Answered: 1 week ago

Question

★★★★★
Can you calculate the NPV, IRR, and Payback for the following information: The minimum price for a condominium unit is $300,000, and buyers expect a high-quality project. Response to the initial...

Answered: 1 week ago

Question

★★★★★
Diman, lessor leased a lot to Dili, lessee for 15 years beginning January 2019, subject to the following terms and conditions: Mothly rental 200000 Advance rental for 2 years 480000 Security deposit...

Answered: 1 week ago

Question

★★★★★
1. Alejandro knows that he needs $32,100 per year to live comfortably now. He plans to retire in about 39 years and plans to be retired for about 23 years after that. Determine... a. [2 pts] how much...

Answered: 1 week ago

Question

★★★★★
Write a C++ program about a restaurant menu that Allows the customer to choose what day of the week it is. You have 3 different menus to worry about : M-F, Saturday, Sunday. Create a formatted...

Answered: 1 week ago

Question

★★★★★
Using the information in P11-2B, compute the overhead controllable variance and the overhead volume variance. Data From Problem 11-2B: Huang Company uses a standard cost accounting system to account...

Answered: 1 week ago

Question

★★★★★
Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. Other data not yet recorded at December 31: a. Insurance expired...

Answered: 1 week ago

Question

★★★★★
Using the information in M5- 8, prepare any journal entries needed to adjust the company's books. Reconciling Item Bank Statement Company's Books a. Outstanding checks of $12,000 b. Bank sevice...

Answered: 1 week ago

Question

★★★★★
The following table shows three cases, each with one missing element. Required: Use the bond calculator at www.fncalculator.com to determine the missing element for each case. Assume simple annual...

Answered: 1 week ago

Question

★★★★★
Describe the quality ethics connection.

Answered: 1 week ago

Question

★★★★★
Explain the plan-do-study-act cycle.

Answered: 1 week ago

Question

★★★★★
Select one of the quality gurus and briefly describe his major contributions to quality management.

Answered: 1 week ago

Previous Question Next Question