Ask Question
Today, 01:38

The following are the current? month's balances for ABC Financial? Services, Inc. before preparing the trial balance. Accounts Payable $ 7 comma 000 $7,000 Revenue 6 comma 000 6,000 Cash 3 comma 000 3,000 Expenses 16 comma 500 16,500 Furniture 10 comma 000 10,000 Accounts Receivable 11 comma 000 11,000 Common Stock? Notes Payable 4 comma 500 4,500 What amount should be shown for Common Stock on the trial? balance? A. $ 11 comma 500 $11,500 B. $ 23 comma 000 $23,000 C. $ 24 comma 000 $24,000 D. $ 44 comma 000 $44,000

+4
Answers (1)
  1. Today, 05:14
    0
    B. $ 23 comma 000 $23,000

    Explanation:

    Following equation to calculate the common stock Value

    Total Debit = Total Credit

    40,500 = $17,500 + Common stock value

    Common stock value = $40,500 - $17,500 = $23,000

    Accounts with Credit balances

    Accounts Payable $7,000

    Revenue $6,000

    Common Stock?

    Notes Payable $4,500

    Total Debit balances $17,500

    Accounts with Debit balances

    Cash $3,000

    Expenses $16,500

    Furniture $10,000

    Accounts Receivable $11,000

    Total Debit balances 40,500
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “The following are the current? month's balances for ABC Financial? Services, Inc. before preparing the trial balance. Accounts Payable $ 7 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers