Answered

IDNLearn.com offers expert insights and community wisdom to answer your queries. Explore thousands of verified answers from experts and find the solutions you need, no matter the topic.

Chik Chik Company showed the following balances at the end of its first year: Cash $ 3,000 Prepaid insurance 4,700 Accounts receivable 3,500 Accounts payable 2,800 Notes payable 4,200 Common stock 1,400 Dividends 700 Revenues 22,000 Expenses 17,500 What did Chik Chik Company show as total credits on its trial balance

Sagot :

Parrainidn

Answer: $30,400

Explanation:

Accounts with credit balances are revenue, liabilities and stock or equity.

The credit balances above are:

  • Accounts payable, Notes payable, common stock, revenues,

= 2,800 + 4,200 + 1,400 + 22,000

= $30,400

We appreciate every question and answer you provide. Keep engaging and finding the best solutions. This community is the perfect place to learn and grow together. Thank you for visiting IDNLearn.com. We’re here to provide accurate and reliable answers, so visit us again soon.