Cash Accounts receivable Equipment Accumulated depreciation Notes payable Common stock Retained earnings Sales Rent expense Salaries expense Depreciation expense Totals Debit $ 44,000 28,000 376,000 44,000 116,000 42,000 $650,000 $ 72,000 60,000 130,000 62,000 326,000 0 $650,000

Cash Accounts receivable Equipment Accumulated depreciation Notes payable Common stock Retained earnings Sales Rent expense Salaries expense Depreciation expense Totals Debit $ 44,000 28,000 376,000 44,000 116,000 42,000 $650,000 $ 72,000 60,000 130,000 62,000 326,000 0 $650,000

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 16MCQ

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Question

Check the trial balance and look for the total assets.

Cash
Accounts receivable
Equipment
Accumulated depreciation
Notes payable
Common stock
Retained earnings
Sales
Rent expense
Salaries expense
Depreciation expense
Totals
Debit
$ 44,000
28,000
376,000
44,000
116,000
42,000
$650,000
Credit
$ 72,000
60,000
130,000
62,000
326,000
0
$650,000

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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