Use the trial balance shown below for all questions on this page. It is highly recommended that you prepare the income statement and balance sheet on scratch paper BEFORE recording your answers. Accounts (listed alphabetically) Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Cost of Goods Sold Depreciation Expense Income Tax Expense Interest Expense Inventory Land Long-term Investments Long-term Note Paya ble Other operating expenses Equipment Retained Eamings Wage Expense Sales Revenue Wages Payable Debit Credit 24 44 60 22 50 100 20 15 34 80 10 90 10 200 120 70 260 Totals 610 610
Use the trial balance shown below for all questions on this page. It is highly recommended that you prepare the income statement and balance sheet on scratch paper BEFORE recording your answers. Accounts (listed alphabetically) Accounts Payable Accounts Receivable Accumulated Depreciation Cash Common Stock Cost of Goods Sold Depreciation Expense Income Tax Expense Interest Expense Inventory Land Long-term Investments Long-term Note Paya ble Other operating expenses Equipment Retained Eamings Wage Expense Sales Revenue Wages Payable Debit Credit 24 44 60 22 50 100 20 15 34 80 10 90 10 200 120 70 260 Totals 610 610
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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find assets, liabilities, and
Transcribed Image Text:**Trial Balance for Educational Purposes**
The following trial balance is provided to assist with the preparation of the income statement and balance sheet. Students should use this as a reference to ensure all financial statements are accurate.
| **Accounts (listed alphabetically)** | **Debit** | **Credit** |
|--------------------------------------|-----------|------------|
| Accounts Payable | | 24 |
| Accounts Receivable | 44 | |
| Accumulated Depreciation | | 60 |
| Cash | 22 | |
| Common Stock | | 50 |
| Cost of Goods Sold | 100 | |
| Depreciation Expense | 20 | |
| Income Tax Expense | 15 | |
| Interest Expense | 5 | |
| Inventory | 34 | |
| Land | 80 | |
| Long-term Investments | 10 | |
| Long-term Note Payable | | 90 |
| Other operating expenses | 10 | |
| Equipment | 200 | |
| Retained Earnings | | 120 |
| Wage Expense | 70 | |
| Sales Revenue | | 260 |
| Wages Payable | | 6 |
**Totals** | **610** | **610** |
The trial balance shows a statement where the total debits and credits are equal, each totaling 610. This indicates that the accounts are balanced. Ensure accuracy in preparing financial reports by organizing accounts into their appropriate sections: assets, liabilities, equity, revenues, and expenses.
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