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3 years ago

The following accounts and account balances are available for Badger Auto Parts at December 31, 2019:

Business

1 answer:

SVETLANKA909090 [29]3 years ago

6 0

Answer:

Answer is solved and explained in the explanation section below.

Explanation:

In this question, we are asked to prepare a trial balance assuming that all accounts have normal balances. And the purpose of making a trial balance is to make sure that the entries in the system are mathematically sound.

So,

Badger Auto Parts Debit Credit

Accounts payable $8,500

Accounts receivable $40,800

Accumulated depreciation (furniture) $47,300

Advertising expense $29,200

Cash $3,200

Common stock $100,000

Cost of goods sold $184,300

Depreciation expense (furniture) $10,400

Furniture $128,000

Income tax expense $3,800

Income tax payable $3,600

Interest expense $6,650

Interest payable $1,800

Inventory $60,500

Notes payable $50,000

Prepaid rent $15,250

Retained earnings $15,900

Sales revenue $264,700

Utilities expense $9,700

Totals $491,800 $491,800

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Central, Inc., is a manufacturer of granite paints. Sales are seasonal due to the seasonality in the home-building industry. The

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Q2= April, May & June

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The company had 1,600 shares of 3.0%, $100 par value preferred stock outstanding that paid a cumulative dividend. The amount of

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Answer:

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First, the complete question is as follows:

Curtain Co. paid dividends of $4,000; $5,000; and $8,000 during Year 1, Year 2, and Year 3, respectively. The company had 1,600 shares of 3.0%, $100 par value preferred stock outstanding that paid a cumulative dividend. The amount of dividends received by the common shareholders during Year 3 would be:

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= (The Number of shares x Par value) x 3%

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3 years ago

Read 2 more answers