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QUESTION 14 Account Name _ Debit_ _ Credit_ Accounts Payable 26,000 Accounts Receivable 28,850 Cash 10,000 Common Stock 12,500 Cost of Goods Sold 68,000 Equipment

QUESTION 14

  1. Account Name

    _Debit_

    _Credit_

    Accounts Payable

    26,000

    Accounts Receivable

    28,850

    Cash

    10,000

    Common Stock

    12,500

    Cost of Goods Sold

    68,000

    Equipment

    73,000

    Interest Expense

    150

    Interest Payable

    500

    Inventory

    45,000

    Note Payable

    21,000

    Retained Earnings

    53,000

    Sales Revenue

    179,000

    Supplies Expense

    7,000

    Wages Expense

    60,000

    Total

    292,000

    292,000

    The above is Green Co.'s Pre-Closing Trial Balance as of December 31, 2009. Green's accounting period is month, thus the balances in the temporary accounts are for the month of December 2009. Note: The accounts are not listed in their normal sequence -- rather they are listed inalphabetical sequence.

    Question:Based on Green's account balances, the Retained Earnings amount that would be shown on the Balance Sheet as of December 31, 2009 would be:

    Show your calculations here:

image text in transcribed QUESTION 14 1. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. _Debit_ Account Name Accounts Payable Accounts Receivable Cash Common Stock Cost of Goods Sold Equipment Interest Expense Interest Payable Inventory Note Payable Retained Earnings Sales Revenue Supplies Expense Wages Expense _Credit_ 26,000 28,850 10,000 2. 3. 12,500 68,000 73,000 150 500 45,000 21,000 53,000 179,000 Total 7,000 60,000 292,000 292,000 The above is Green Co.'s Pre-Closing Trial Balance as of December 31, 2009. Green's accounting period is month, thus the balances in the temporary accounts are for the month of December 2009. Note: The accounts are not listed in their normal sequence -- rather they are listed in alphabetical sequence. 15. Question: Based on Green's account balances, the Retained Earnings amount that would be shown on the Balance Sheet as of December 31, 2009 would be: 16. Show your calculations here

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