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Montauk Oil Co. reports these account balances at December 31, 2014: Accounts Payable $117,000 Land $207,000 Notes Payable $267,000 Equipment $167,000 Cash $87,000 Accounts Receivable $107,000 Buildings $247,000 Capital Stock $347,000 $77,000 Retained Earnings On January 2, 2015, Montauk Oil collected $57,000 of its accounts receivable and paid $27,000 of its accounts payable. Required information in a trial balance prepared at December 31, 2014 the total of the debit column is: A. $1,055,000 B. $815,000 C. $1,603,000 D. $728,000

Montauk Oil Co. reports these account balances at December 31, 2014: Accounts Payable $117,000 Land $207,000 Notes Payable $267,000 Equipment $167,000 Cash $87,000 Accounts Receivable $107,000 Buildings $247,000 Capital Stock $347,000 $77,000 Retained Earnings On January 2, 2015, Montauk Oil collected $57,000 of its accounts receivable and paid $27,000 of its accounts payable. Required information in a trial balance prepared at December 31, 2014 the total of the debit column is: A. $1,055,000 B. $815,000 C. $1,603,000 D. $728,000

FINANCIAL ACCOUNTING
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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Montauk Oil Co. reports these account balances at December 31, 2014: Accounts Payable $117,000 Land $207,000 Notes Payable $267,000 Equipment $167,000 Cash $87,000 Accounts Receivable $107,000 Buildings $247,000 Capital Stock $347,000 $77,000 Retained Earnings On January 2, 2015, Montauk Oil collected $57,000 of its accounts receivable and paid $27,000 of its accounts payable. Required information in a trial balance prepared at December 31, 2014 the total of the debit column is: A. $1,055,000 B. $815,000 C. $1,603,000 D. $728,000
Transcribed Image Text:Montauk Oil Co. reports these account balances at December 31, 2014: Accounts Payable $117,000 Land $207,000 Notes Payable $267,000 Equipment $167,000 Cash $87,000 Accounts Receivable $107,000 Buildings $247,000 Capital Stock $347,000 $77,000 Retained Earnings On January 2, 2015, Montauk Oil collected $57,000 of its accounts receivable and paid $27,000 of its accounts payable. Required information in a trial balance prepared at December 31, 2014 the total of the debit column is: A. $1,055,000 B. $815,000 C. $1,603,000 D. $728,000
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