The accounts in the ledger of Monroe Entertainment Co are listed in alphabetical order. All accounts have normal balances. Accounts payable 3,500 Fees earned 4,000 Accounts receivable 4,500 Insurance expense 800 Investment 3,000 Land 3,000 Cash 1,600 Wages expense 1,400 Dividends 2,200 Capital stock 9,000 Prepare a trial balance. The total of the debits is:
A) $16,500.
B) $13,400.
C) $12,100.
D) $9,600.
A
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Countrywide Sales sold 400 units of product to a customer on account. The selling price was $28 per unit, and the cost, according to the company's inventory records, was $14 per unit. Prepare the journal entry to record the cost of goods sold. (Assume a perpetual inventory system and the FIFO inventory costing method.) Omit explanation.
A proper heading for the income statement could include "For the Year Ended December 31, 20--."
Indicate whether the statement is true or false
Prescott Corporation is considering an investment in new equipment costing $918,000. The equipment will be depreciated on a straight-line basis over a ten-year life and is expected to have a residual value of $98,000. The equipment is expected to generate net cash inflows of $152,000 for each of the first five years and $116,000 for each of the last five years. What is the accounting rate of return associated with the equipment investment? (Round your answer to two decimal places.)
A) 10.95% B) 11.34% C) 9.05% D) 10.24%
Utility Power Company has the right to run its power lines across Velma's land. This is
A. a license. B. an easement. C. a profit. D. a tenancy at sufferance.