A companys preclosing trial balance shows the following accounts and amounts: Cash $ 23,400 Property, plant, and
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Question:
A company’s preclosing trial balance shows the following accounts and amounts:
Cash $ 23,400
Property, plant, and equipment 324,000
Interest payable 10,400
Service revenues 78,400
Notes payable 82,400
Common stock 84,000
Interest expense 14,400
Interest receivable 5,400
Wages expense 32,800
Accounts receivable 38,400
Retained earnings 142,400
Interest revenue 16,400
Accounts payable 24,400
Required:
Calculate total assets on the balance sheet.
Calculate total liabilities on the balance sheet.
Calculate the total of all accounts with debit balances.
Calculate the total revenues on the income statement.
Calculate the total of all accounts with credit balances.
Expert Answer:
To calculate the required values lets categorize the accounts into their respective balance sheet an... View the full answer
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