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27 January, 05:11

Marigold Corp. showed the following balances at the end of its first year:

Cash $10920

Prepaid insurance 550

Accounts receivable 2730

Accounts payable 2180

Notes payable 3280

Common stock 4210

Dividends 550

Revenues 22620

Expenses 13650

What amount did Marigold Corp. show as total credits? (A) $31750 (B) $33380 (C) $32290 (D) $32840

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Answers (1)
  1. 27 January, 06:56
    0
    (C) $32290

    Explanation:

    The total credit balance is shown below:

    = Accounts payable + notes payable + common stock + revenues

    = $2,180 + $3,280 + $4,210 + $22,620

    = $32,290

    All the other items which are mentioned in the question contain debit balance so these items would not be considered in the computation part.
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Home » Business » Marigold Corp. showed the following balances at the end of its first year: Cash $10920 Prepaid insurance 550 Accounts receivable 2730 Accounts payable 2180 Notes payable 3280 Common stock 4210 Dividends 550 Revenues 22620 Expenses 13650 What amount
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