Using the trial balance given in PE 3-20, prepare a balance sheet. Note: The ending retained earnings
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Using the trial balance given in PE 3-20, prepare a balance sheet. Note: The ending retained earnings balance is equal to the beginning balance (assume $0) plus the amount of net income less the amount of dividends.
Data from PE 3-20
Transcribed Image Text:
Debit Credit $ 68,000 126,000 216,000 90,000 200,000 Cash Accounts Receivable Inventory Land. Building Accounts Payable . Loan Payable Capital Stock $ 150,000 270,000 250,000 Dividends 17,000 Sales Revenue 370,000 Cost of Goods Sold. Utilities Expense. Rental Expense. 244,000 54,000 25,000 Totals . $1,040,000 $1,040,000
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Assets Cash 68000 Accounts receivable 126000 Inventory 216000 Land 90000 B...View the full answer
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Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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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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