The following are the current month's balances for Toys Galore, Inc. before preparing the trial balance
Accounts Payable $7,000
Revenue 6,000
Cash 2,000
Expenses 14,500
Furniture 11,000
Accounts Receivable 10,000
Common Stock ?
Notes Payable 6,500
What amount should be shown for Common Stock on the trial balance?
A) $39,000
B) $18,000
C) $13,500
D) $23,000
B .In a trial balance, the total of debits must match the total of credits. Therefore, the balance of Common Stock can be determined by totaling the debit and the credit balances and calculating the balancing amount.
Debit Credit
Cash $2,000
Accounts Receivable 10,000
Furniture 11,000
Accounts Payable $7,000
Notes Payable 6,500
Common Stock ?
Revenues 6,000
Expenses 14,500
Total $37,500 $19,500
Common Stock = $37,500 - $19,500 = $18,000
You might also like to view...
The concept of reasonable assurance suggests that
a. the cost of an internal control should be less than the benefit it provides b. a well-designed system of internal controls will detect all fraudulent activity c. the objectives achieved by an internal control system vary depending on the data processing method d. the effectiveness of internal controls is a function of the industry environment
It is recommended that female leaders develop a situational or ______ stance toward the negative attributions and stereotypes that they might encounter.
a. contingency b. stereotypical c. incongruous d. diverse
Scenario: Tinkle Toys, Inc.Raven, a student at a local university majoring in psychology, has always been fascinated by toys. So having created a business plan, she officially established her business-Tinkle Toys. Raven is exploring various product ideas and pricing strategies for her toy business. Answer the following two questions based on this scenario.Raven has been researching for product ideas by interacting with children, young mothers, and by carefully studying the competitors' toys. This has helped her generate several ideas. Which of the following is most likely to be the next step for Raven?
A. Product development B. Idea screening C. Commercialization D. Test marketing
A remote control system is a technology that enables an analyst to view and take control of a connected device to troubleshoot incidents, transfer files, provide informal training, or collaborate on documents.
Answer the following statement true (T) or false (F)