The Balances for the Accounts of Milo's Management Co Calculate the Correct Balance for Cash and Prepare a Trial

Essay

The balances for the accounts of Milo's Management Co., Inc. for the year ended December 31 are shown below. Each account shown had a normal balance. $\begin{array}{c}\begin{array}{lr}\text { Accounts payable..... } & \$ 6,500 \\\text { Accounts receivable... } & 7,000 \\\text { Cash ............... } & \text { ? } \\\text { Office supplies. } & 1,200 \\\text { Building ........... } & 125,000 \\\text { Supplies expense..... } & 21,500 \\\text { Common stock ........ } & 118,700 \\\text { Management revenue. } & 175,000 \end{array}\begin{array}{lr} \text { Wages expense}&36,000\\ \text { Rent expense}&6,000\\\\\\ \text { Land}&50,000\\ \text { Unearned management}\\ \text { fees}&4,000\\ \text { Dividends}&48,000\end{array}\end{array}$
Calculate the correct balance for Cash and prepare a trial balance.