Preparation of Trial Balance - Numerical Applications
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Q. A company has the following balances: Equipment $15,000, Accumulated Depreciation $3,000, and Accounts Payable $2,000. What is the net value of Equipment in the trial balance?
Q. A company has the following balances: Equipment $20,000, Accumulated Depreciation $5,000, and Accounts Payable $3,000. What is the net amount for Equipment in the trial balance?
Q. If a company has a trial balance showing $10,000 in Sales Revenue and $2,000 in Cost of Goods Sold, what is the gross profit?
Q. If a company has a trial balance with total debits of $15,000 and total credits of $12,000, what is the amount of the discrepancy?
Q. If a company has a trial balance with total debits of $50,000 and total credits of $50,000, what can be concluded?
Q. If inventory is valued at $10,000 and the company sells goods worth $4,000, what will be the new inventory value assuming no other changes?
Q. If the trial balance shows a credit balance of $7,000 for Accounts Payable and a debit balance of $4,000 for Cash, what is the total balance of the trial balance?
Q. If the trial balance shows total debits of $50,000 and total credits of $50,000, what can be concluded?
Q. In a trial balance, if the total assets amount to $100,000 and total liabilities amount to $60,000, what is the equity?
Q. In a trial balance, if the total debits amount to $20,000 and the total credits amount to $18,000, what is the difference that needs to be adjusted?
Q. In a trial balance, if the total of the credit side is greater than the debit side, what does this indicate?
Q. What is the effect on the trial balance if a $1,000 cash sale is recorded incorrectly as a $1,000 expense?
Q. What is the effect on the trial balance if an expense of $1,000 is recorded but not posted to the trial balance?
Q. What is the impact on the trial balance if a $500 payment to a supplier is recorded as a $500 increase in Accounts Receivable?
Q. What is the total of the debit column in a trial balance if the following balances are given: Cash $5,000, Accounts Receivable $3,000, and Inventory $2,000?
Q. Which of the following is a correct entry for recording depreciation expense of $2,000?
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