Assets Long-Term Investment in Stocks Notes Receivable (due in 3 years) $36,000 $26,000 Land Prepaid Expense $114,000 $10,800 Accounts Receivable Cash $24,000 $26,000 Supplies $10,200 Intangible Assets $15,000 Inventory Trucks $55,000 Trucks: $46.000 Accumulated Depreciation: $12.000 Liabilities & Equity Accounts Payable $62,000 Wages Payable $21,000 Interest Payable $24,000 Notes Payable (due in 9 years) $34,000 $84,000 ortgage Payable (due in 20 years) $69,000 Common Stock $57,000 Retained Earnings $0 $25,000 $50,000
Assets Long-Term Investment in Stocks Notes Receivable (due in 3 years) $36,000 $26,000 Land Prepaid Expense $114,000 $10,800 Accounts Receivable Cash $24,000 $26,000 Supplies $10,200 Intangible Assets $15,000 Inventory Trucks $55,000 Trucks: $46.000 Accumulated Depreciation: $12.000 Liabilities & Equity Accounts Payable $62,000 Wages Payable $21,000 Interest Payable $24,000 Notes Payable (due in 9 years) $34,000 $84,000 ortgage Payable (due in 20 years) $69,000 Common Stock $57,000 Retained Earnings $0 $25,000 $50,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:1. Prepare a post-closing trial balance at its December 31 year-end. (Hint: remember to include accumulated depreciation – trucks.)
JISKO
Post-Closing Trial Balance
December 31
Debit
Credit
Totals
2$
0 $
Transcribed Image Text:Assets
Long-Term Investment in
Stocks
Notes Receivable
(due in 3 years)
$36,000 $26,000
Land
Prepaid
Expenses
$114,000
$10,800
Accounts Receivable
Cash
$24,000 $26,000
Supplies
$10,200
Intangible
sets
$15,000
Inventory
Trucks
$55,000
Trucks: $46,000
Accumulated Depreciation: $12,000
Liabilities & Equity
Accounts Payable
$62,000
Wages Payable
$21,000
Interest Payable
$24,000
Notes Payable (due in 9 years)
$34,000
$84,000
ortgage Payable (due in 20 years)
$69,000
Common Stock
$57,000
Retained Earnings
$0
$25,000
$50,000
Expert Solution
Step 1 Introduction
Post-Closing Trial Balance: The post-closing trial balance is prepared at the end of the year, in which all the adjusted closing balance of all items of assets, liabilities, equity, or share capital, income & Expenses would be reported.
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