Question

showed the following balances at the end of its first year: Cash $12600 Prepaid insurance 630 Accounts receivable 3150 Accounts payable 2520 Notes payable 3780 Common stock 4860 Dividends 630 Revenues 26100 Expenses 15750 What amount did Metlock, Inc. show as total credits

Answer 1

Answer:

The amount Metlock, Inc. would show as total credits with the given balance at the end of its first year is: $37,260

Particulars           Amount

Accounts payable  2,520

Notes payable        3,780

Common stock       4,860

Revenues                26,100

Total                        $37,260

Note: The following are amount that have credit balance on Trial balance