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Marina CMI [18]
3 years ago
12

The following account balances were listed on the trial balance of Edgar Company at the end of the period: Account Balance Accou

nts Payable $ 32,200 Cash 50,500 Common Stock 38,000 Equipment 17,500 Land 49,000 Notes Payable 64,000 The company’s trial balance is not in balance and the company’s accountant has determined that the error is in the cash account. What is the correct balance in the cash account?
Business
1 answer:
pogonyaev3 years ago
8 0

Answer:

The correct balance in the cash account is $67,700

Explanation:

Trial balance:  In trial balance, there are two columns namely debit columns and credit columns. The total of debit and credit columns should always be matched.  

The debit columns records assets and expenses side  whereas, the credit column record revenue, stockholder equity, and the liability side.

So, the total debit includes =  Cash  +  Equipment + Land

= Cash + $17,500 + $49,000

= Cash + $66,500

And, the total credit side = Accounts payable + common stock + notes payable

= $32,200 + $38,000 + $64,000

= $134,200

Now balance these two sides, so the correct balance would be

Cash + $66,500 =  $134,200

So, the cash = $134,200 - $66,500 = $67,700

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Answer:

Rent expense debit and credit prepaid rent

Explanation:

Prepaid expense refers to those expenses that have been paid in advance before they are accrued. Some examples prepaid expenses are prepaid rent and prepaid insurance.

Prepaid expenses are debited and cash is credited at the time expenses are paid in advance. At the end of the year, adjustment entry is made when the expense expires. Following is the adjustment entry made at the end of the year:

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December               Rent expense                     45,600

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7 0
3 years ago
If Randy invests $15,000 at a 9% interest
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It will take 8.04 years for the initial investment of $15000 to become $30,000

What is the future value of an investment?

The future value of $15,000 invested now earning a rate of return of 9% per year is $30,000, it the future equivalent of an amount invested now when the invested amount has earned interest over a specific period of time.

The below future value formula of single cash flow can be used to determine the number of years it takes for the initial investment to double.

FV=PV*(1+r)^N

FV=future value=$30,000

PV=initial investment=$15,000

r=rate of return=9%

N=number of years it takes for the initial investment to double=unknown(assume it is X)

$30,000=$15000*(1+9%)^N

$30000/$15000=(1+9%)^N

2=1.09^N

take log  of both sides

ln(2)=N*ln(1.09)

N=ln(2)/ln(1.09)

N=8.04 years

Find out more about future value on:brainly.com/question/24703884

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Answer:

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