Answer:
The total of the credit balance accounts is $117,260
Explanation:
In the classified balance sheet, we summarize the asset and liabilities into various types
Like assets are divided into fixed assets, current assets, and intangible assets.
Likewise, liabilities are also divided into current liabilities, long term liabilities
In every balance sheet, the accounting equation has used that means
Total assets = Total liabilities + Shareholder equity
The total assets have the debit balances whereas the total liabilities and the shareholder equity have the credit balances
So, The computation is shown below:
= Accounts Payable + Common Stock + Notes Payable + Retained Earnings + Wages Payable
= $4,620 + $91,200 + $2,620 + $14,210 + $4,610
= $117,260
