Marigold Corp. showed the following balances at the end of its first year:

Cash $10920

Prepaid insurance 550

Accounts receivable 2730

Accounts payable 2180

Notes payable 3280

Common stock 4210

Dividends 550

Revenues 22620

Expenses 13650

What amount did Marigold Corp. show as total credits? (A) $31750 (B) $33380 (C) $32290 (D) $32840

Question

Business

Austin Robbins

4 June, 10:14

Marigold Corp. showed the following balances at the end of its first year:

Cash $10920

Prepaid insurance 550

Accounts receivable 2730

Accounts payable 2180

Notes payable 3280

Common stock 4210

Dividends 550

Revenues 22620

Expenses 13650

What amount did Marigold Corp. show as total credits? (A) $31750 (B) $33380 (C) $32290 (D) $32840

+3

Answers (1)

Know the Answer?

Daphne Warren · Answer 1

(C) $32290

Explanation:

The total credit balance is shown below:

= Accounts payable + notes payable + common stock + revenues

= $2,180 + $3,280 + $4,210 + $22,620

= $32,290

All the other items which are mentioned in the question contain debit balance so these items would not be considered in the computation part.