This topic contains a solution. Click here to go to the answer

Author Question: Use this financial statement to answer the following question: Cash 3,000 Liabilities 2,500 ... (Read 71 times)

azncindy619

  • Hero Member
  • *****
  • Posts: 562
Use this financial statement to answer the following question:
 
  Cash  3,000 Liabilities  2,500
  Accounts receivable 2,000
  Inventory A Common stock B
  Supplies 1,000 Retained earnings 500
  Total 10,000 Total C
 
  This business must be organized as a ________.
  A) sole proprietorship
  B) partnership
  C) corporation
  D) Two of these are possible.

Question 2

The ___________________ _ is prepared after posting the closing entries to prove the equality of the debit and credit balances in the general ledger accounts.
 Fill in the blank(s) with correct word



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

nickk12214

  • Sr. Member
  • ****
  • Posts: 332
Answer to Question 1

C

Answer to Question 2

post-closing trial balance




azncindy619

  • Member
  • Posts: 562
Reply 2 on: Jul 5, 2018
:D TYSM


matt95

  • Member
  • Posts: 317
Reply 3 on: Yesterday
Excellent

 

Did you know?

Of the estimated 2 million heroin users in the United States, 600,000–800,000 are considered hardcore addicts. Heroin addiction is considered to be one of the hardest addictions to recover from.

Did you know?

Studies show that systolic blood pressure can be significantly lowered by taking statins. In fact, the higher the patient's baseline blood pressure, the greater the effect of statins on his or her blood pressure.

Did you know?

Sildenafil (Viagra®) has two actions that may be of consequence in patients with heart disease. It can lower the blood pressure, and it can interact with nitrates. It should never be used in patients who are taking nitrates.

Did you know?

The use of salicylates dates back 2,500 years to Hippocrates's recommendation of willow bark (from which a salicylate is derived) as an aid to the pains of childbirth. However, overdosage of salicylates can harm body fluids, electrolytes, the CNS, the GI tract, the ears, the lungs, the blood, the liver, and the kidneys and cause coma or death.

Did you know?

The senior population grows every year. Seniors older than 65 years of age now comprise more than 13% of the total population. However, women outlive men. In the 85-and-over age group, there are only 45 men to every 100 women.

For a complete list of videos, visit our video library