Question

In: Accounting

1. What are two differences between total debits on an adjusted trial balance and total assets...

1. What are two differences between total debits on an adjusted trial balance and total assets on a
balance sheet (assuming there is no accumulated depreciation)? (2 Points)
2. A king tells his two sons to race their camels to a distant city to see who will inherit his fortune.  
The one whose camel is slower will win.  The brothers, after wandering aimlessly for days, ask a
wise man for advice.  After hearing the advice, they jump on the camels and race as fast as they can
to the city.  What did the wise man say? (2 Points)

Solutions

Expert Solution

1. i)the total debits on adjusted trial balance includes the expenses incurred during the year whereas total assets on balance sheet include only prepaid expenses.

ii)Asset side of balance sheet includes the inventory(closing) whereas debit side of adjusted trial balance does not include inventory(closing).

2.The wise man tells them to switch/swap camels.

Explanation:Each son owns a camel, let the son’s be A and B and let’s call their Camels as camel A and Camel B. If Camel A is slower, son A gets the fortune. If Camel B is slower, son B gets the fortune. Neither of the sons wants to enter the city first because they won’t get the fortune.By switching camels mean snow their intentions were to make the others camel travel fast, therefore making your own camel, which the other rides, the slower of the two.When they switch camels, son A is now riding his brother’s camel (camel B) and son B is riding his brother’s camel (camel A). Now, they each want the camel they’re riding to get to the city first. If son A wins the race on camel B, that means his camel, camel A, was slower and he wins the fortune. The same is true for the other way around if the second son wins the race on camel A.

ekkarill92 answered 1 year ago
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