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In: Accounting

The year-end adjusted trial balance of hilltoppers corporation included the following account balances: cash $4700; equipment...

The year-end adjusted trial balance of hilltoppers corporation included the following account balances: cash $4700; equipment $16700; accounts payable $2700; common stock $11000; retained earnings $7500; dividends $1100; service revenue $15700; salaries expense $10700; and utilities $3700.

Please give an explanation as well.

Solutions

Expert Solution

Adjusted Trial Balance
Debit Credit
Cash $4,700
Equipment $16,700
Accounts Payable $2,700
Common Stock $11,000
Retained Earnings (see working notes) $7,700
   Totals $21,400 $21,400
Working notes:
Sales revenue $15,700
Less: Salaries expense ($10,700)
Less: Utilities expense ($3,700)
Net Income $1,300
Add: Beginning balance of retained earnings $7,500
Less: Dividends ($1,100)
Ending balance of retained earnings $7,700
Explanations: A trial balance generally has an equal balance of debit and credit. An adjusted trial balance shows the ending balances of all the assets and liabilities along with equity which contains the adjustments of net income and dividends to retained earnings.

ekkarill92 answered 2 years ago
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