Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. the following accounts appeared in the trial ba

1. The following accounts appeared in the trial balance of the MultiPlan Inc. at the...

80.2K

Verified Solution

Question

Accounting

image

1. The following accounts appeared in the trial balance of the MultiPlan Inc. at the end of the fiscal year on December 31, 2020. Notes Payable $ 30300 Accounts payable $ 25300 Owner's capital 101,700 Accounts receivable 30500 7500 45000 Loss on disposal of Equipment Accumulated Depreciation - Equipment Prepaid Insurance 3600 Cash 51000 Property tax Expense 3800 Cost of goods sold 457,000 Property taxes payable 2500 Freight-out 4700 Rent Expense 22000 Equipment 206300 135000 Salaries and wages expense Depreciation Expense 13500 Sales revenue 850,000 Insurance Expense 850 17000 Interest Expense 11050 Sales commissions Expense 4500 Interest revenue 4500 Sales commissions payable 10500 Inventory 29000 Sales returns and allowances Utilities Expense 55000 Sales Discounts 5500 (a) Prepare a multiple-step Income Statement for the year ended December 31, 2020 [15] (b) Assumer closing entries have been done already, prepare a post-closing trial balance at December 31, 2020. (13)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

(a) Find the Riemann sum for f(x) = 4 sin(x), 0 ≤ x ≤ 3π/2, with six terms, taking...

Advance Math
Q

difference between stem and leaf plot and dot plot? pros and cons of each one

Statistics
Q

Electromagnetic theory 2 (a) Obtain the expressions for Ex and Ey for the transverse electric case and...

Electrical Engineering
Q

10.7     What are the goals of a good induction program?

Mechanical Engineering
Q

3 The distance between plates of a parallel plate capacitor is 5d The positively charged...

Physics
Q

The following table shows the daily cost data and demand schedule for a typical firm...

Basic Math
Q

AIR PURIFICATION To test air purifiers, engineers ran a purifier in a smoke-filled 10-ft X...

Basic Math
Q

Simplify the expression by using an appropriate identity Do not use a calculator cos57 cos33...

Algebra
Q

1 3 2x 4 2 8 2x

Algebra
Q

Stock in Fresh Corporation is held equally by Clementine, Honeydew, and Pomegranate. Fresh Corporation seeks...

Accounting
Q

Explicar crticamente la importancia de considerar a la audiencia para el anlisis de estados financieros

Accounting
Q

Required Information On Jonuory 1, 2024, the general ledger of Big Blast Fireworks includes the...

Accounting