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Problem:

Chik Chik Company showed the following balances at the end of its first year:

Cash

$ 6,000

Prepaid insurance

9,400

Accounts receivable

7,000

Accounts payable

5,600

Notes payable

8,400

Common stock

2,800

Dividends

1,400

Revenues

44,000

Expenses

35,000

Required:

Question: What did Chik Chik Company show as total credits on its trial balance?

Select one:

A. $70,200

B. $60,800

C. $62,200

D. $51,400

Note: Be sure to show how you arrived at your answer.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M91163768

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