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On July 15, 2026, fire damaged the office and warehouse of Teal Corporation. The only accounting record saved was the general ledger, from which the following trial balance was prepared: TEAL CORPORATION TRIAL BALANCE June 30, 2026 Cash $11,900 Accounts receivable 152,000 Inventory, December 31, 2025 168,000 Land 66,100 Buildings 303,000 Accumulated depreciation $57,000 Equipment 27,900 Accounts payable Other accrued expenses Common stock Retained earnings 151,000 44,100 10,000 352,300 Sales revenue Purchases 656,000 467,500 Miscellaneous expense 74,000 $1,270,400 $1,270,400

On July 15, 2026, fire damaged the office and warehouse of Teal Corporation. The only accounting record saved was the general ledger, from which the following trial balance was prepared: TEAL CORPORATION TRIAL BALANCE June 30, 2026 Cash $11,900 Accounts receivable 152,000 Inventory, December 31, 2025 168,000 Land 66,100 Buildings 303,000 Accumulated depreciation $57,000 Equipment 27,900 Accounts payable Other accrued expenses Common stock Retained earnings 151,000 44,100 10,000 352,300 Sales revenue Purchases 656,000 467,500 Miscellaneous expense 74,000 $1,270,400 $1,270,400

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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On July 15, 2026, fire damaged the office and warehouse of Teal Corporation. The only accounting record saved was the general ledger, from which the following trial balance was prepared: TEAL CORPORATION TRIAL BALANCE June 30, 2026 Cash $11,900 Accounts receivable 152,000 Inventory, December 31, 2025 168,000 Land 66,100 Buildings 303,000 Accumulated depreciation $57,000 Equipment 27,900 Accounts payable Other accrued expenses Common stock Retained earnings 151,000 44,100 10,000 352,300 Sales revenue Purchases 656,000 467,500 Miscellaneous expense 74,000 $1,270,400 $1,270,400
Transcribed Image Text:On July 15, 2026, fire damaged the office and warehouse of Teal Corporation. The only accounting record saved was the general ledger, from which the following trial balance was prepared: TEAL CORPORATION TRIAL BALANCE June 30, 2026 Cash $11,900 Accounts receivable 152,000 Inventory, December 31, 2025 168,000 Land 66,100 Buildings 303,000 Accumulated depreciation $57,000 Equipment 27,900 Accounts payable Other accrued expenses Common stock Retained earnings 151,000 44,100 10,000 352,300 Sales revenue Purchases 656,000 467,500 Miscellaneous expense 74,000 $1,270,400 $1,270,400
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