Calculate : owner's equity Total assets
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets
Section19.3: Journalizing Depreciation Expense
Problem 1OYO
Related questions
Question
100%
Calculate : owner's equity
Total assets
![NOMINAL ACCOUNTS SECTION
Sales
3 100 000
Cost of Sales
1450 000
Salaries and Wages
1 480 000
205 000
Water and Electricity
122 000
Stationery
88 000
Repairs and Maintenance
585 000
Telephone
400 000
Depreciation
180 000
Interest on Loan
60 000
Interest on Fixed Deposit
20 000
Credit losses recovered
68 000
Credit losses
1 000
Allowances for credit losses adjustment
6 498 000
6 498 000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F79a2203f-315e-4792-b8d7-01a35652b8df%2F9ae2fca0-28b3-4bd2-b4b0-aa9cc76918f4%2Fjekeekg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:NOMINAL ACCOUNTS SECTION
Sales
3 100 000
Cost of Sales
1450 000
Salaries and Wages
1 480 000
205 000
Water and Electricity
122 000
Stationery
88 000
Repairs and Maintenance
585 000
Telephone
400 000
Depreciation
180 000
Interest on Loan
60 000
Interest on Fixed Deposit
20 000
Credit losses recovered
68 000
Credit losses
1 000
Allowances for credit losses adjustment
6 498 000
6 498 000
![QUESTION 1
The following information was obtained from the records of Reutlwile General Dealers for the year ended 28 Febru
POST ADJUSTMENT TRIAL BALANCE
DEBIT
CREDIT
BALANCE SHEET SECTION
2 058 000
Capital
100 000
Drawings
680 000
Vehicles at cost
320 000
Plant and Machinery at cost
280 000
Office Furniture at cost
280 000
Accumulated Depreciation on Vehicles
Accumulated Depreciation on Plant and Machinery
120 000
80 000
Accumulated Depreciation on Furniture
Fixed Deposit
90 000
650 000
15% Long-term Loan
Debtors/ Accounts receivable
126 000
150 000
Inventory
50 000
Bank
125 000
Accrued Expenses
55 000
Prepaid Expenses](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F79a2203f-315e-4792-b8d7-01a35652b8df%2F9ae2fca0-28b3-4bd2-b4b0-aa9cc76918f4%2Fv48vf3_processed.jpeg&w=3840&q=75)
Transcribed Image Text:QUESTION 1
The following information was obtained from the records of Reutlwile General Dealers for the year ended 28 Febru
POST ADJUSTMENT TRIAL BALANCE
DEBIT
CREDIT
BALANCE SHEET SECTION
2 058 000
Capital
100 000
Drawings
680 000
Vehicles at cost
320 000
Plant and Machinery at cost
280 000
Office Furniture at cost
280 000
Accumulated Depreciation on Vehicles
Accumulated Depreciation on Plant and Machinery
120 000
80 000
Accumulated Depreciation on Furniture
Fixed Deposit
90 000
650 000
15% Long-term Loan
Debtors/ Accounts receivable
126 000
150 000
Inventory
50 000
Bank
125 000
Accrued Expenses
55 000
Prepaid Expenses
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
![Cornerstones of Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337690881/9781337690881_smallCoverImage.gif)
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,