Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

UP Doubtful Accounts Notes Receivable (short-term) Interest Receivable Short-Term Investments Marketable Equity Securities Inventories 103 1110 111 120 121 122 123 Balance Sheet Balance Sheet

image text in transcribed
UP Doubtful Accounts Notes Receivable (short-term) Interest Receivable Short-Term Investments Marketable Equity Securities Inventories 103 1110 111 120 121 122 123 Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Asset, Current Asset. Current Asset. Current Asset, Current Asset, Current Contra Asset, Current Asset, Current Supplies Asset. Use the following information to an her the nor guestions The following balances were taken from the Adjusted Trial Balance of Mary Corp. for the fiscal year ending December 31, 2011, Cash Prepaid Rent $ 40,000 Rent Expense 3,000 5.500 Accumulated Depreciation - Equipment Equipment 45.000 5,000 Interest Payable Accounts Payable 3.000 1,000 Common Stock Wages Payable 2.000 55.000 Dividends Retained Famings. 1/1/2011 6.000 1.500 Service Revenue 40.000 Notes Payable, Due 5/1/2015 20,000 Accounts Receivable 17.500 Interest Expense 1.000 Depreciation Expense - Equipment Wages Expense 17.000 3.500 Uneared Service Revenue 2,000 Each of these account has the normal debitor credit balance The Adjusted Trial Balance has a total debit balance of: $ 132.500 $ 139,000 $ 129,000 $ 134,000 None of the above 9. The Net Income for the year is: SI5.500 $40.000 $17.500 $10.500 None of the above 10. The total Owners' Equity on the December 31, 2011 balance sheet would be $ 75.000 $73.500 $ 76,500 S 80.000 None of the above 11. The total Liabilities on the December 31, 2011 balance sheet would be $ 26,000 $ 33.000 $ 28,000 D. S 8.000 None of the above The total Assets on the December 31, 2011 balance sheet would be: $ 110,000 $ 101,000 $ 103,000 S 108,000 None of the above 13. Jim Company's Retained Famins

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

Glencoe Accounting Concepts Procedures Applicatons

Authors: McGraw-Hill Education

3rd Edition

0028036174, 978-0028036175

More Books

Students also viewed these Accounting questions