Question

SUNDIAL Inc. Trial balance December 31 debit credit Cash ................................................. .............................. $ 16 Accounts Receivable ...................................................

SUNDIAL Inc.

Trial balance

December 31

debit

credit

Cash ................................................. ..............................

$ 16

Accounts Receivable ................................................ ...............................

26

Equipment ................................................. ..............................

191

Accounts Payable ................................................ ...............................

$ 21

Capital Stock ................................................ ...............................

106

Retained Earnings ................................................ ...............................

56

Dividends ................................................. ..............................

11th

Service Revenue ................................................ ...............................

189

Salaries Expense ................................................ ...............................

86

Depreciation ................................................. ..............................

26

Supplies Expense ................................................ ...............................

   16

____

$ 372

$ 372

Which accounts will appear on the balance sheet?

Please choose one:

a. None of the above

b. Net income of $ 60.

c.  Retained earnings of $ 56.

D. Dividends of $ 11.

Homework Answers

Answer #1

Ans.

Which accounts will appear on the balance sheet?

The correct ans is None of the above i.e. A

This is because:

B is incorrect because net income is $ 61 ( $ 189 - $ 86 - $ 26 - $ 16) and this will not appear in Balance Sheet

C is incorrect because Retained earnings of $ 106 is appear in Balancesheet and not of $ 56.

Retained Earnings at Beginning = $ 56

Add: Net Income .......................= $ 61

Less: Dividend..........................= ($11)

Retained Earnings at end.........= $ 106

D is incorrect because dividend of $ 11 is not appear in Balance Sheet. It is shown in statement of retained earnings.

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