Montauk Oil Co.reports these account balances on December 31, 2017 Accounts payable $ 110.000 Kara $ 200.000
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Question:
Montauk Oil Co. reports these account balances on December 31, 2017
| Accounts payable | $ | 110.000 | |
| Kara | $ | 200.000 | |
| Notes payable | $ | 260.000 | |
| Equipment | $ | 160.000 | |
| in advance | $ | 80.000 | |
| Accounts receivable | $ | 100.000 | |
| Buildings | $ | 240.000 | |
| Capital Stock | $ | 340.000 | |
| Retained earnings | $ | 70.000 | |
On January 2, 2018, Montauk Oil collected $50,000 of its receivables and paid off $20,000 of its receivables.
Calculate the total of the debt column in the trial balance prepared on 31 December 2017
Expert Answer:
Related Book For 
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
