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In: Accounting

Chelsea Sports has the following balances on their Trial Balance in random order.  Each account contains the...

Chelsea Sports has the following balances on their Trial Balance in random order.  Each account contains the balance that is normal for that type of account.

Accounts Payable

$62,800

Building

$75,000

Service Revenue

460,000

Note Payable – long term

43,090

Equipment

22,500

Common Stock

120,000

Patent

5,250

Accounts Receivable

102,200

Cash

86,290

Unearned Revenue

15,400

Dividends

12,200

Prepaid Expenses

7,250

Accumulated Depreciation

12,500

Retained Earnings (Beg)

0

What are total expenses for the period?

A.

$415,300
B.

$390,900
C.

$327,800
D.

$403,100
E.

$400,600

Solutions

Expert Solution

Correct Option D i.e. D.
$403,100
Assets                    285,990 Note 1:
Less: Liabilities                  (121,290) Note 2:
Net Equity                    164,700
Less: Common stock                  (120,000)
Add: dividend                       12,200
Net Income                       56,900
Service Revenue                    460,000
Less: Net Income                    (56,900)
Total Expense                    403,100
NOte 1: Assets
Equipment              22,500
Patent                5,250
Cash              86,290
Accumulated Depreciation            (12,500)
Building              75,000
Accounts Receivable            102,200
Prepaid Expenses                7,250
Total assets            285,990
Note 2: Liabilities
Accounts Payable              62,800
Note Payable – long term              43,090
Unearned Revenue              15,400
Total Liabilities            121,290

ekkarill92 answered 2 years ago
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