Question

48. Use Oma Bean Corporation's adjusted trial balance to prepare Oma Bean's balance sheet for the current year-end. OMA BEAN CORPORATION Adjusted Trial Balance For Year Ending December 31, 2019 Debit Cash 66,000 Accounts receivable 42,000 Equipment 564,000 Accumulated depreciation 108,000 Notes payable 90,000 Common stock 195,000 Retained earnings 93,000 Sales 489,000 Rent expense 66,000 Salaries expense 174,000 Depreciation expense 63,000 Totals 975,000 Credit 975,000

Name: 48 use oma bean corporations adjusted tria balance to prepare oma beans balance sheet for the current year end oma bean corporation adjusted trial balance for year ending december 31 2019 d 65002
Uploaded: 2022-02-02T15:09:38-08:00
Duration: 2 min 9 s
Channel: Derrick Danso
Description: 48 use oma bean corporations adjusted tria balance to prepare oma beans balance sheet for the current year end oma bean corporation adjusted trial balance for year ending december 31 2019 d 65002

          48. Use Oma Bean Corporation's adjusted trial balance to prepare Oma Bean's balance sheet for the current year-end.
    
    OMA BEAN CORPORATION Adjusted Trial Balance
    For Year Ending December 31, 2019
    
    Debit
    Cash 66,000
    Accounts receivable 42,000
    Equipment 564,000
    Accumulated depreciation 108,000
    Notes payable 90,000
    Common stock 195,000
    Retained earnings 93,000
    Sales 489,000
    Rent expense 66,000
    Salaries expense 174,000
    Depreciation expense 63,000
    
    Totals 975,000
    
    Credit
    975,000

Added by Megan L.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

Instant Answer

Solved by Expert Derrick Danso

02/02/2022

Step 1

Assets: - Cash: $66,000 - Accounts Receivable: $42,000 - Equipment: $564,000 - Less: Accumulated Depreciation: $108,000 (This is a contra asset account, so we subtract it from the total assets) Total Assets: $564,000 Liabilities: - Notes Payable: $90,000 Total Show more…

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48. Use Oma Bean Corporation's adjusted trial balance to prepare Oma Bean's balance sheet for the current year-end. OMA BEAN CORPORATION Adjusted Trial Balance For Year Ending December 31, 2019 Debit Cash 66,000 Accounts receivable 42,000 Equipment 564,000 Accumulated depreciation 108,000 Notes payable 90,000 Common stock 195,000 Retained earnings 93,000 Sales 489,000 Rent expense 66,000 Salaries expense 174,000 Depreciation expense 63,000 Totals 975,000 Credit 975,000