Question

37. Following are the current month's balances for Kyle, Inc. before preparing the trial balance. Accounts...

37. Following are the current month's balances for Kyle, Inc. before preparing the trial balance. Accounts Payable $7,000 Revenue 7,050 Cash 2,000 Expenses 14,500 Furniture 11,000 Accounts Receivable 10,000 Common Stock ??? Notes Payable 6,500 What amount should be shown for Common Stock on Kyle, Inc.’s trial balance? A) $16,950 B) $18,000 C) $13,550 D) $24,050

Homework Answers

Answer #1
Option A - $16,950
workings
Debit $ Credit $
Cash           2,000
Accounts receivable        10,000
Furniture        11,000
Accounts payable           7,000
Notes payable           6,500
Common Stock Note 1
Revenues           7,050
Expenses        14,500
       37,500        20,550
Note 1
Common stock = Total Debit Balance - Total credit Balance
ie , 37500 - 20550 = $16950    
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