All categories

3 years ago

The total debits in the After-Closing Trial Balance will equal:______

Business

1 answer:

Mnenie [13.5K]3 years ago

7 0

Complete Question:

Shown below is a trial balance for Novelty Toys, Inc., on December 31,after adjusting entries:

Novelty Toys, Inc.

Trial Balance December 31

Cash $7,750

Accounts Receivable $6,375

Office Equipment $11,250

Accumulated Depreciation $3,000

Accounts Payable $3,875

Capital Stock $11,250

Retained Earnings $0

Dividends $3,750

Fees Earned $22,750

Salaries Expense $8,000

Advertising Expense $1,625

Depreciation Expense $2,125

$40,875 $40,875

The total debits in the After-Closing Trial Balance will equal:

Select one:

a. $25,375.

b. $29,125.

c. $40,875.

d. $18,125.

Answer:

$25,375

Explanation:

The After-Closing Trial Balance is prepared once the closing entries are posted. This results in closing of expense and income accounts for the year and the resulting balance taken forward to retained earnings. This means that After-Closing Trial Balance would contain only permanent general accounts which are balance sheet items. In the given scenario, the balance sheet debit balances are as under:

Cash $7,750

Accounts Receivable $6,375

Office Equipment $11,250

Total Debit Balance $25,375

Hence the option A is correct.

You might be interested in

Retained earnings $52,000 Accounts Payable $15,000 Supplies 37,000 Common stock 25,000 Equipment 72,000 Note payable (due in 18

Naddika [18.5K]

Answer:

$22,000

Explanation:

Current liabilities are debts that a company must pay within a twelve month period.

This company's current liabilities are:

Accounts payable $15,000
Interest payable $7,000

Total current liabilities = $15,000 + $7,000 = $22,000

Since the note payable is due in 18 months, it is not considered a current liability.

8 0

3 years ago

Cecelia's government provides for her basic needs. In return, Cecelia works in the factory downtown, as she always has since the

amid [387]

The choices can be found elsewhere and as follows:

A. a market system
B. a planned system
C. a mixed system
D. none of the above

I think the correct answer is option B. Cecelia's government can be considered a planned system. It is an economic system in which inputs are based on direct allocation. Hope this answers the question. Have a nice day.

5 0

3 years ago

In some games, one player or firm moves first and commits to a strategy to which the rival player or firm will subsequently resp

Leni [432]

Answer:

C. sequential games.

Explanation:

Game theory is the learning of analytical types of mediation, ambivalence, and interaction between people, corporations, and governments. In-game theory, a sequential game means any game where an individual contestant picks their move before rest of the performers pick theirs. Importantly, the following performer's necessity has fascinating erudition regarding the first's selection, contrarily, the variation in period would have no strategic effect.

8 0

3 years ago

How can organizations manage diversity effectively?

damaskus [11]

Answer:

Sorry me not Know

Explanation:

4 0

3 years ago

Read 2 more answers

Waterway Industries reported the following information for 2016: October November December Budgeted sales $950000 $890000 $11000

MakcuM [25]

Answer:

At November 30, 2016, budgeted Accounts Receivable is $445,000

Explanation:

In October, Sales: $950,000

Customer amounts on account are collected: 50% x $950,000= $475,000

At 31 October, Accounts Receivable = 50% x $950,000= $475,000

In November, Sales: $890,000

Customer amounts on account are collected = $475,000 + 50% x $890,000 = $920,000

At November 30, 2016 budgeted Accounts Receivable = 50% x $890,000 = $445,000

8 0

2 years ago