Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash 140,000 Accounts Receivable 275,000 Allowance for Doubtful Accounts 22,000 Notes Receivable 10,000 Supplies 23,000 Inventory, 1/1/18 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building 950,000 1,250,000 300,000 2,000,000 450,000 Land 155,000 Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable 365,000 24,000 125,000 1,750,000 Common Stock Par $ 0.01 20,000 APIC 980,000 Retained Earnings (110,000) Dividends - Common 50,000 Sales Revenue 2,650,000 Sales Discounts 35,000 Sales Returns and Allowances 68,000 Purchases 1,060,000 Purchase Discounts 21,000 Freight In Selling Expenses Administrative Expenses 19,000 195,000 $ 245,000 Rent Revenue 26,000 Income Tax Expense $ 325,000 Gain on Sale of Land 177,000 6,800,000 $ 6,800,000 %24 %24

Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Debit Credit Cash 140,000 Accounts Receivable 275,000 Allowance for Doubtful Accounts 22,000 Notes Receivable 10,000 Supplies 23,000 Inventory, 1/1/18 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building 950,000 1,250,000 300,000 2,000,000 450,000 Land 155,000 Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable 365,000 24,000 125,000 1,750,000 Common Stock Par $ 0.01 20,000 APIC 980,000 Retained Earnings (110,000) Dividends - Common 50,000 Sales Revenue 2,650,000 Sales Discounts 35,000 Sales Returns and Allowances 68,000 Purchases 1,060,000 Purchase Discounts 21,000 Freight In Selling Expenses Administrative Expenses 19,000 195,000 $ 245,000 Rent Revenue 26,000 Income Tax Expense $ 325,000 Gain on Sale of Land 177,000 6,800,000 $ 6,800,000 %24 %24

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 4MCQ

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