A company had a normal $51,000 cash balance on their adjusted trial balance. If revenues, expenses and dividends respectively were $91,000; $20,000 and $3,000 what amount of cash will be found on the post-closing trial balance?
A) $122,000 normal balance
B) $51,000 normal balance
C) $119,000 normal balance
D) $165,000 normal balance
B) $51,000 normal balance
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In reconciling a bank statement, the bank balance is $2,100, and the checkbook balance is $2,001. Which of the following is the most probable reason for the bank balance being larger than the book balance?
A) There are outstanding checks. B) The bank has deducted certain amounts for bank service charges. C) A deposit in transit was made at the end of the month. D) The company erroneously recorded a check for an amount less than the actual amount.
The act of state doctrine provides that the executive branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory
Indicate whether the statement is true or false
The percentage-of-sales method of preparing pro forma income statements assumes that ________
A) sales are fixed B) all costs inversely vary with sales C) all costs are independent D) all costs are variable
A short contract obligates the holder to sell securities in the future
Indicate whether the statement is true or false