Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 5 14 pts Following is the adjusted trial balance of Rey Corporation on December 31, 2021: Rey Corporation Adjusted Trial Balance December 31, 2021

image text in transcribedimage text in transcribedimage text in transcribed

Question 5 14 pts Following is the adjusted trial balance of Rey Corporation on December 31, 2021: Rey Corporation Adjusted Trial Balance December 31, 2021 Accounts Dr Cr Cash 5,300 4,100 Accounts Receivable 900 600 Supplies Prepaid Insurance Equipment Accumulated Depr.-Equipment Buildings 24,000 8,000 48,000 Accumulated Depr.-Buildings 12.000 8,000 48,000 12,000 13,000 4,700 1,800 900 400 Accumulated Depr.-Equipment Buildings Accumulated Depr.-Buildings Land Accounts Payable Notes Payable (90 day) Salaries Payable Interest Payable Unearned Repair Revenue Notes Payable (25 year) Common Stock Retained Earnings Dividends Declared Repair Revenue Painting Revenue Salaries Expense 1,600 15,000 30,000 19,600 5,000 61,300 43,400 48,000 Advertising Fynonse 7800 Advertising Expense Interest Expense Supplies Expense Insurance Expense Depreciation Expense Utilities Expense 7,800 1,100 15,600 8,500 10,000 6,800 Totals 198,700 198,700 Required: Compute the following amounts: 1. Total Revenue 2. Total Expense 3. Net Income 4. Total Retained Earnings 5. Total Current Assets 6. Total Property, Plant and Equipment Assets

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Step: 3

blur-text-image

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

Auditing In An Internet Of Things Environment

Authors: Robert R. Moeller

1st Edition

1119461669, 978-1119461661

More Books

Students also viewed these Accounting questions