Question

Bramble Corp.'s trial balance reported the following balances at the end of its first year: Cash $13720 Prepaid insurance 690 Accounts receivable 3430 Accounts payable 2740 Notes payable 4120 Common stock 5290 Dividends 690 Revenues 28420 Expenses 17150 What amount did Bramble Corp.'s trial balance show as total credits?

Answer 1

The amount Bramble Corp.'s trial balance show as total credits is $40,570

What is a trial balance?

A trial balance is an account, which shows arithmetic accuracy of the ledger. The trial balance is a report that lists the balances of all general ledger accounts of a company at a certain point in time.

There are two sections of trial balance, namely debit sections and credit sections. The total of debit and credit sections is always be matched and equalled.

Bramble Corp.'s trial balance (Credit side)

Accounts payable $2740

Notes payable $4120

Common stock $5290

Revenues $28420

Total $40,570

Hence, the amount Bramble Corp.'s trial balance show as total credits is $40,570

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