Task:
Balances & Values
Determine the missing values (A,B,C,D, & E).
Revenues................................................ 260
Expenses................................................ 210
Dividends Declared................................. 30
Additional Investment by Owners............. A
Net Income.............................................. B
Retained Earnings - Beginning................ C
Retained Earnings - Ending.................... 120
Paid-in Capital - Beginning...................... 70
Paid-in Capital - Ending........................... 70
Total Assets - Beginning.......................... D
Total Assets - Ending............................... 260
Total Liabilities - Beginning...................... 105
Total Liabilities - Ending........................... E
Given a random list of accounts with their normal balances, prepare a trial balance for Dante Sprinkler Company as of December 31, 2008. List the accounts in the appropriate order.
Dante Sprinkler Company
TRIAL BALANCE
For the Year Ending December 31, 2008
Accounts Payable............................ $1,000
Accounts Receivable......................... 2,000
Cash.................................................. 1,000
Common Stock ..................................5,500
Dividends ..........................................2,000
Equipment......................................... 9,500
Insurance Expense............................ 700
Note Payable..................................... 3,500
Prepaid Insurance............................. 1,400
Retained Earnings............................. 4,100
Salary Expense.................................. 8,000
Service Revenue............................... 12,000
Supplies............................................. 500
Utilities Expense................................. 1,000