Selected accounts from Phipps Corporations trial balance are as follows. Prepare the assets section of the companys
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Selected accounts from Phipps Corporation’s trial balance are as follows. Prepare the assets section of the company’s balance sheet.
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(Selected Accounts) PHIPPS CORPORATION Trail Balance December 31 Cash Short-term Marketable Securities Accounts Receivable Inventories Other current Assets Land Equipment Accumulated Depreciation: Equipment Goodwill Other Intangible Assets Debit $ 50,000 25,000 13,000 45,000 10,000 100,000 45,000 20,000 15,000 Credit $5,000
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PHIPPS CORPORATION Assets Current assets Cash 50000 Short term marketable securities 25000 Account r...View the full answer
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Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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