1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
professor190 [17]
3 years ago
6

Using the post-closing trial balance, calculate the total assets, liabilities, and equity, and enter those amounts in the basic

accounting equation.
SMART TOUCH LEARNING
Post-Closing Trial Balance December 31, 2016
Balance
Account Title Debit Credit
Cash 32900
Accounts Receivable 6300
Office Supplies 400
Prepaid Insurance 10900
Prepaid Rent 10,900
Furniture 38,700
Accumulated Depreciation-- 13100
Furniture Accounts Payable 17500
Salaries Payable 2600
Utilities Payable 1300
Interest Payable 1700
Unearned Revenue 33200
Common Stock 8400
Retained Earnings 22300
Total 1001,00 100100
Business
1 answer:
likoan [24]3 years ago
8 0

Answer:

Assets= Liabilities + Owner's Equity

87,000= 56,300 + 30,700

87,000= 87000

Explanation:

<em><u></u></em>

<em><u></u></em>

<em><u>SMART TOUCH LEARNING </u></em>

<em><u>Balance Sheet </u></em>

Cash 32900

Accounts Receivable 6300

Office Supplies 400

Prepaid Insurance 10900

Prepaid Rent 10,900

Furniture 38,700

Accumulated Depreciation-- 13100

Total Assets $ 87,000

Furniture Accounts Payable 17500

Salaries Payable 2600

Utilities Payable 1300

Interest Payable 1700

Unearned Revenue 33200

Total Liabilities $ 56,300

Common Stock 8400

Retained Earnings 22300

Owner's Equity / Retained Earnings $30,700

Total Liabilities and Owner's Equity $ 87,000

<u>The accounting equation is </u>

Assets= Liabilities + Owner's Equity

87,000= 56,300 + 30,700

87,000= 87000

32900+ 6300+400 + 10900+ 10900+25600 = 17500 +  2600 + 1300 + 1700 + 33200 + 8400 22300

The total of Assets of a company are always equal to the total Liabilities and Owner's Equity.

Adding the assets we get $ 87,000 which is the same as the total of Liabilities and Owner's Equity.

You might be interested in
Presented below is information related to Coronado Company at December 31, 2017, the end of its first year of operations. Sales
vovangra [49]

Answer:

The answer will be below

Explanation:

a. Income from operations=$322,990-$143,460-$49,300=$130,230

b. Net Income=$322,990-$143,460-$49,300+$27,900-$5,590-$12,730=$139,810

c. Comprehensive Income=$9,390

d. Retained Earnings=$139,810-$4,750=$135,060

8 0
3 years ago
Read 2 more answers
True or false In a pure market economy, the government controls most actions.
Sonbull [250]
False i hope its right
5 0
3 years ago
Read 2 more answers
Coins, currency, demand deposits and travelers checks fit what definition of money supply?
Levart [38]

the answer is in fact M1

6 0
3 years ago
All of the following are characteristics of perfect competition EXCEPT Group of answer choices many buyers and sellers. lack of
Greeley [361]

Answer:

The three primary characteristics of perfect competition are (1) no company holds a substantial market share, (2) the industry output is standardized, and (3) there is freedom of entry and exit. The efficient market equilibrium in a perfect competition is where marginal revenue equals marginal cost.

6 0
2 years ago
The consumption schedule shows the relationship of household consumption to the level of?
dlinn [17]

The Consumption schedule shows the relationship of household consumption to the level of disposable income.

<h3>What is disposable income?</h3>

Disposable income is the sum of money that a person or household has available for spending or saving after income taxes have been subtracted (sometimes known as disposable personal income, or DPI). At the macroeconomic level, one of the most important economic indicators used to assess the overall health of the economy is disposable personal income. Net income equals disposable income. It is the balance remaining after taxes. The amount of net income that is left over after covering all essentials is referred to as discretionary income.

You could define disposable income as:

  • A country's national income less current transfers (current taxes on wealth, income, and other items, as well as social contributions and other current transfers), plus current transfers that residents of that country can get from the rest of the world.
  • Income that individuals or families have available for discretionary spending, is often known as disposable personal (or family/household) income. The amount of money left over after paying for bare needs like shelter, food, and fuel for a family is referred to as disposable income.

To know more about disposable income, visit:

brainly.com/question/14732695

#SPJ4

5 0
1 year ago
Other questions:
  • When a deliverable arrived, Craig met with the team member responsible
    7·1 answer
  • Tool Manufacturing has an expected EBIT of $65,000 in perpetuity and a tax rate of 21 percent. The firm has $190,000 in outstand
    7·1 answer
  • Izzy Division of Marine Boats Corporation had the following results last year (in thousands). Sales $4,700,000​ Operating income
    6·1 answer
  • A system of rule in which the government recognizes no formal limit but may nevertheless be restrained by the power of other soc
    6·1 answer
  • On January 1, year 1, London Corp. purchases equipment for $400,000. The equipment has a 5-year service life and a $50,000 resid
    8·1 answer
  • Which is the largest item in discretionary spending?
    11·1 answer
  • Suppose there is a simple two good economy that produces fish and cars. When the economy increases its production of fish from 0
    13·1 answer
  • Rose Martinez walked into her office and found a large, extravagant bouquet on her desk. Before she had time to read the card, h
    7·1 answer
  • Over lunch, Daniel and Haley are discussing their managers. Daniel describes his boss as extremely motivating. Daniel feels much
    11·1 answer
  • A customer asks about or expresses concern that the rogue vc-turbo has three cylinders. What are some ways to respond?.
    10·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!