Limited access

Upgrade to access all content for this subject

Review the unadjusted trial balance below.

Unadjusted Trial Balance DEBIT CREDIT
Cash \$100,000
Accounts Receivable \$40,000
Prepaid Rent \$10,000
Equipment, net \$380,000
Accumulated Depreciation, Equipment \$80,000
Accounts Payable \$40,000
Note Payable \$100,000
Common Stock \$10,000
Retained Earnings \$75,000
Service Revenues \$575,000
Cost of Goods Sold \$150,000
Rent Expense \$50,000
Salaries & Wages Expense \$100,000
Other Operating Expenses \$40,000
Interest Expense \$10,000
TOTALS \$880,000 \$880,000



What can you know about this firm by reviewing this Unadjusted Trial Balance?

You can compute
Select Option the amount paid to vendors and employees during the periodthe interest rate on the Note Payablethe depreciation expense on the equipmentthe total assets reported on the Balance Sheet
and solve for
Select Option beginning Retained Earningsthe depreciation expense on the equipmentthe interest rate on the Note Payablethe amount paid to vendors and employees during the period
.
In this firm, total assets would be
Select Option \$800,000\$600,000\$530,000\$450,000\$440,000\$400,000
.
Select an assignment template