Solved

Here Is the Trial Balance for McLeary Corporation If the Trial Balance Showed a Balance of $4,000 in McLeary

Question 164

Multiple Choice

Here is the trial balance for McLeary Corporation:  McLeary Corporation Trial Balance January 31, 2010 Cash $3,000 Accounts Receivable 2,000 Art Supplies 3,000 Office Supplies 5,000 Prepaid Rent 7,000 Prepaid Insurance 5,000 Art Equipment 5,000 Office Equipment 3,000 Accounts Payable $10,000 Common Stock 5,000 Retained Earnings 5,000 Dividends ? Advertising Fees Earned ? Wages Expense ? Utilities Expense 5,000 Telephone Expense 3,000$A$B\begin{array}{c}\text { McLeary Corporation}\\\text { Trial Balance}\\\text { January 31, 2010}\\\begin{array}{lrl}\text { Cash } & \$ 3,000 \\\text { Accounts Receivable } & 2,000 \\\text { Art Supplies } & 3,000 \\\text { Office Supplies } & 5,000 \\\text { Prepaid Rent } & 7,000 \\\text { Prepaid Insurance } & 5,000 \\\text { Art Equipment } & 5,000 \\\text { Office Equipment } & 3,000\\\text { Accounts Payable } & & \$ 10,000 \\\text { Common Stock } & & 5,000 \\\text { Retained Earnings } & &5,000 \\\text { Dividends } & ?& \\\text { Advertising Fees Earned } && ? \\\text { Wages Expense } & ?\\\text { Utilities Expense } &5,000 \\ \text { Telephone Expense } & 3,000\\&\$A&\$B\end{array}\end{array} If the trial balance showed a balance of $4,000 in the Wages Expense account and a balance of $30,000 in the Advertising Fees Earned account,what would be the amount of Dividends?


A) $25,000
B) $14,000
C) $5,000
D) $19,000

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions