Following is the Trial Balance of MCU Inc. for the fiscal year ended on October 31, 2020. Unit in millions. Cash Marketable securities (short-term) Accounts receivable, net Inventories Other current assets Long-term investment Property, plant and equipment, net Other non-current assets Accounts payable Other current liabilities Deferred revenue Short-term debt Long-term debt Other non-current liabilities Common stock Retained earnings Dividends Net sales Other income Cost of goods sold Research and development expense Selling, general and administrative expense Income tax expense Total Instructions: Debit 38,016 52,927 37,445 4,061 11,264 100,887 36,766 42,522 86,603 169.559 18,752 19,916 9,680 628,398 Credit 42,296 42,684 6,643 13,769 98,667 54,490 50,779 43,752 274,515 803 628,398 Use the trial balance of MCU Inc. for the fiscal year ended on October 31, 2020 to prepare a classified balance sheet. The ending retained earnings balance for October 31, 2020 is

Following is the Trial Balance of MCU Inc. for the fiscal year ended on October 31, 2020. Unit in millions. Cash Marketable securities (short-term) Accounts receivable, net Inventories Other current assets Long-term investment Property, plant and equipment, net Other non-current assets Accounts payable Other current liabilities Deferred revenue Short-term debt Long-term debt Other non-current liabilities Common stock Retained earnings Dividends Net sales Other income Cost of goods sold Research and development expense Selling, general and administrative expense Income tax expense Total Instructions: Debit 38,016 52,927 37,445 4,061 11,264 100,887 36,766 42,522 86,603 169.559 18,752 19,916 9,680 628,398 Credit 42,296 42,684 6,643 13,769 98,667 54,490 50,779 43,752 274,515 803 628,398 Use the trial balance of MCU Inc. for the fiscal year ended on October 31, 2020 to prepare a classified balance sheet. The ending retained earnings balance for October 31, 2020 is

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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