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Wolfe Inc. Wolfe Inc. reports these account balances at January 1, 2016:    Retained Earnings $ 49,000 Accounts Receivable 20,000 Accounts Payable 24,000 Capital Stock 185,000 Land 153,000 Cash 13,000 Equipment 20,000 Notes Payable 28,000 Buildings 80,000       See the account balances for Wolfe Inc.   On January 31, Wolfe collected $12,000 of its accounts receivable and paid $11,000 on its note payable. In Wolfe’s trial balance prepared on January 31, 2016, the total of the credit column is:    a.  $297,000 $287,000 $286,000 $275,000

Wolfe Inc. Wolfe Inc. reports these account balances at January 1, 2016:    Retained Earnings $ 49,000 Accounts Receivable 20,000 Accounts Payable 24,000 Capital Stock 185,000 Land 153,000 Cash 13,000 Equipment 20,000 Notes Payable 28,000 Buildings 80,000       See the account balances for Wolfe Inc.   On January 31, Wolfe collected $12,000 of its accounts receivable and paid $11,000 on its note payable. In Wolfe’s trial balance prepared on January 31, 2016, the total of the credit column is:    a.  $297,000 $287,000 $286,000 $275,000

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 18E
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Wolfe Inc.

Wolfe Inc. reports these account balances at January 1, 2016:

  

Retained Earnings

$ 49,000

Accounts Receivable

20,000

Accounts Payable

24,000

Capital Stock

185,000

Land

153,000

Cash

13,000

Equipment

20,000

Notes Payable

28,000

Buildings

80,000

 

 

 

  1. See the account balances for Wolfe Inc.

 

On January 31, Wolfe collected $12,000 of its accounts receivable and paid $11,000 on its note payable. In Wolfe’s trial balance prepared on January 31, 2016, the total of the credit column is:   

a.  $297,000

  1. $287,000
  2. $286,000
  3. $275,000
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