Answered step by step
Verified Expert Solution
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
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
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