Wolfe Inc.
Wolfe Inc.reports these account balances at January 1,2017:
?
$$\begin{array} { l r }
\text { Retained Earnings } & \$ 49,000 \
\text { Accounts Receivable } & 20,000 \
\text { Accounts Payable } & 24,000 \
\text { Capital Stock } & 185,000 \
\text { Land } & 153,000 \
\text { Cash } & 13,000 \
\text { Equipment } & 20,000 \
\text { Notes Payable } & 28,000 \
\text { Buildings } & 80,000
\end{array}$$ ?
-See the account balances for Wolfe Inc. ?
In Wolfe's trial balance prepared on January 1,2017,the total of the credit column is
A)$182,000.
B)$286,000.
C)$196,000.
D)$166,000.

Question

Wolfe Inc.
Wolfe Inc.reports these account balances at January 1,2017:
?
 $$\begin{array} { l r } 
\text { Retained Earnings } & \$ 49,000 \
\text { Accounts Receivable } & 20,000 \
\text { Accounts Payable } & 24,000 \
\text { Capital Stock } & 185,000 \
\text { Land } & 153,000 \
\text { Cash } & 13,000 \
\text { Equipment } & 20,000 \
\text { Notes Payable } & 28,000 \
\text { Buildings } & 80,000
\end{array}$$ ?
-See the account balances for Wolfe Inc. ?
In Wolfe's trial balance prepared on January 1,2017,the total of the credit column is
A)$182,000.
B)$286,000.
C)$196,000.
D)$166,000.

Quizplus · Accepted Answer

From the given account balances, we can see that the total of the debit column is $286,000. Since a trial balance should have equal credit and debit columns, the total of the credit column on January 1,2017 is also $286,000. Therefore, the correct answer is B) $286,000.

Wolfe Inc Wolfe Inc ? -See the Account Balances for Wolfe Inc

Wolfe Inc
Wolfe Inc ?
-See the Account Balances for Wolfe Inc