Question
The following is the Western Company's adjusted Trial Balance. Western Company Adjusted Trial Balance December 31, 2018 Account Title Debit Credit Cash $88,665 Accounts Receivable
The following is the Western Company's adjusted Trial Balance.
Western Company | ||
Adjusted Trial Balance | ||
December 31, 2018 | ||
Account Title | Debit | Credit |
Cash | $88,665 |
|
Accounts Receivable | 32,000 |
|
Supplies | 17,000 |
|
Equipment | 595,000 |
|
Accumulated Depreciation |
| $224,260 |
Accounts Payable |
| 72,500 |
Salaries Payable |
| 7,500 |
Taxes Payable |
| 12,200 |
Long-term Notes Payable |
| 150,000 |
Capital Stock |
| 60,000 |
Retained Earnings |
| 117,500 |
Dividends | 7,000 |
|
Service Revenue |
| 777,105 |
Rental Revenue |
| 105,500 |
Rent Expense | 49,900 |
|
Wages Expense | 639,000 |
|
Supplies Expense | 30,000 |
|
Utilities Expense | 18,000 |
|
Depreciation Expense | 50,000 | ________ |
Totals | $1,526,565 | $1,526,565 |
Use this information to determine:
Total Current Assets
Total Assets
Total Current Liabilities
Total Liabilities
Total Equity
HINTS: To determine the correct balance in Retained Earnings, you should calculate and add Net Income and subtract Dividends paid. Also, verify that Total Assets = Total Liabilities + Total Equity.
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