Question
The following is the Trail Balance of the red sea Company as at December 31, 2020: Account Name Dr Cr Bank 30000 Accounts Receivable 160000
The following is the Trail Balance of the red sea Company as at December 31, 2020:
| Account Name | Dr | Cr |
| Bank | 30000 |
|
| Accounts Receivable | 160000 |
|
| Merchandise Inventory (January 1) | 30000 |
|
| Marketable Securities | 28000 |
|
| Land | 300000 |
|
| Accounts Payable |
| 140000 |
| Capital |
| ?????? |
| Sales |
| 226000 |
| Sales Returns | 14000 |
|
| Sales Discount and Allowances | 6000 |
|
| Purchases | 160000 |
|
| Purchases Returns |
| 4000 |
| Administrative Expenses | 29000 |
|
| Selling Expenses | 13000 |
|
| Total |
|
|
Required:
If you know that the Merchandise Inventory (December 31) is SR 22000; prepare:
- Find the amount of capital
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
Accounting An Essential Guide To Learning Accounting Quickly
Authors: Greg Shields
1st Edition
1978341873, 978-1978341876
