At the end of 2014, CNC Corporation's accounting information system produced the following trial balance: CNC completed the following transactions in January 2015: a.Purchased inventory on account, $300.
B.Collected cash from customers for prior year sales, $500.
C.Paid current month's wages, $900.
D.Had land appraised.Cost of doing the appraisal (paid in cash), $700.Appraised value of land, $3,000.
E.Sold inventory with a cost basis of $200 on account, $800.
F.Declared dividends, $50.
G.Hired additional sales staff.Expected monthly salaries, $80.
H.Purchased supplies for cash, $150.
i.Paid creditors for previous purchases, $150.
j.Signed a contract for annual employee retreat, $450.The accounting cycle includes three different versions of the trial balance.For CNC, the totals of the trial balance prepared in the seventh step at the end of January will be:
A)$17,650.
B)some other amount.
C)CNC cannot complete the seventh step in the accounting cycle at the end of January.
D)Cannot be determined from the information given.

Question

At the end of 2014, CNC Corporation's accounting information system produced the following trial balance:  CNC completed the following transactions in January 2015: a.Purchased inventory on account, $300.
B.Collected cash from customers for prior year sales, $500.
C.Paid current month's wages, $900.
D.Had land appraised.Cost of doing the appraisal (paid in cash), $700.Appraised value of land, $3,000.
E.Sold inventory with a cost basis of $200 on account, $800.
F.Declared dividends, $50.
G.Hired additional sales staff.Expected monthly salaries, $80.
H.Purchased supplies for cash, $150.
i.Paid creditors for previous purchases, $150.
j.Signed a contract for annual employee retreat, $450.The accounting cycle includes three different versions of the trial balance.For CNC, the totals of the trial balance prepared in the seventh step at the end of January will be:
A)$17,650. 
B)some other amount. 
C)CNC cannot complete the seventh step in the accounting cycle at the end of January. 
D)Cannot be determined from the information given.

Quizplus · Accepted Answer

The Answer of At the end of 2014, CNC Corporation's accounting information system produced the following trial balance:  CNC completed the following transactions in January 2015: a.Purchased inventory on account, $300.
B.Collected cash from customers for prior year sales, $500.
C.Paid current month's wages, $900.
D.Had land appraised.Cost of doing the appraisal (paid in cash), $700.Appraised value of land, $3,000.
E.Sold inventory with a cost basis of $200 on account, $800.
F.Declared dividends, $50.
G.Hired additional sales staff.Expected monthly salaries, $80.
H.Purchased supplies for cash, $150.
i.Paid creditors for previous purchases, $150.
j.Signed a contract for annual employee retreat, $450.The accounting cycle includes three different versions of the trial balance.For CNC, the totals of the trial balance prepared in the seventh step at the end of January will be:
A)$17,650. 
B)some other amount. 
C)CNC cannot complete the seventh step in the accounting cycle at the end of January. 
D)Cannot be determined from the information given.

At the End of 2014, CNC Corporation's Accounting Information System