The year-end adjusted trial balance included the following account balances: Cas

Question

The year-end adjusted trial balance included the following account balances: Cash, $8,000; Equipment, $26,000; Accounts payable, $5,000; Common stock, $19,000; Retained earnings, $6,000; Dividends, $3,000; Service revenue, $17,000; Salaries expense, $5,000; and Utilities expense, $5,000. Prepare the post-closing trial balance. (The items in the Post Closing Trial Balance should be grouped as follows: Assets, Liabilities and Equity. Enter your assets and liabilities in the order of their liquidity. Omit the "$" sign in your response.) Accounts Debit Credit (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Totals

Explanation / Answer

1.

Thus, Cost of goods sold is $ 8,011 and

Cost of Closing Inventory is $ 2,964.

2(a)

Basic Cost of Equipment

514,600

Total Cost of Equipment is $ 514,600.

2(b)

Total Amount that should be expensed immedietely is NIL, Because machine is not producing yet.

Opening purchased issued closing Quantity rate Amount Quantity rate Amount Quantity rate Amount Quantity rate Amount 52 48 2496 107 47 5029 52 48 2496 20 47 940 75 46 3450 87 47 4089 44 46 2024 31 46 1426 Total 8011 2964

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