UNK Corporation uses the following trial balance to prepare…
UNK Corporation uses the following trial balance to prepare its annual financial statements. UNK Corporation Adjusted Trial Balance December 31, 2025 Drs Crs Accounts Payable $95,000 Accounts Receivable $20,000 Accumulated Depreciation – Equipment 50,000 Allowance for Doubtful Accounts 2,000 Cash 84,500 Common stock 150,000 Cost of Goods Sold 95,000 Depreciation expense 7,000 Dividends 14,000 Equipment 300,000 Gain on Sale of Equipment 2,500 Inventory 24,000 Notes Payable (due 9/30/32) 41,000 Prepaid Insurance 3,000 Retained Earnings 48,000 Salaries and Wages Expense 23,000 Sales Returns & Allowances 10,000 Sales Revenue 200,000 Supplies 2,000 Unearned Sales Revenue 4,000 Utilities Expense 10,000 TOTALS $592,500 $592,500 According to the above, Total assets for the UNK Company at December 31, 2025 are:
Read DetailsOak Trail Market recorded the following events involving a r…
Oak Trail Market recorded the following events involving a recent purchase of merchandise: Purchased goods for $60,000, terms 1/10, n/30Returned $2,000 of the goods for creditPaid $300 freight on the shipment to the freight carrierPaid the invoice within the discount period As a result of these events, the company’s inventory increased by
Read DetailsUNK Corporation uses the following trial balance to prepare…
UNK Corporation uses the following trial balance to prepare its annual financial statements. UNK Corporation Adjusted Trial Balance December 31, 2025 Drs Crs Accounts Payable $95,000 Accounts Receivable $20,000 Accumulated Depreciation – Equipment 50,000 Allowance for Doubtful Accounts 2,000 Cash 84,500 Common stock 150,000 Cost of Goods Sold 95,000 Depreciation expense 7,000 Dividends 14,000 Equipment 300,000 Gain on Sale of Equipment 2,500 Inventory 24,000 Notes Payable (due 9/30/32) 41,000 Prepaid Insurance 3,000 Retained Earnings 48,000 Salaries and Wages Expense 23,000 Sales Returns & Allowances 10,000 Sales Revenue 200,000 Supplies 2,000 Unearned Sales Revenue 4,000 Utilities Expense 10,000 TOTALS $592,500 $592,500 According to the above, Total Current Liabilities for UNK Company at December 31, 2025 is:
Read DetailsCalvin entered Don’s Drug Store to make some purchases. As h…
Calvin entered Don’s Drug Store to make some purchases. As he was searching the aisles for various items, Calvin noticed a display containing automatic pencils on a high shelf behind a cashier’s counter. Calvin saw a sign on the counter that read, “No Admittance, Employees Only.” Seeing no clerks in the vicinity to help him, Calvin went behind the counter to get a pencil. A clerk then appeared behind the counter and asked whether she could help him. Calvin said he just wanted a pencil and that he could reach the display himself. The clerk said nothing further. While reaching for the display, Calvin stepped sideways into an open shaft and fell to the basement, ten feet below. The clerk knew of the presence of the open shaft, but she assumed incorrectly that Calvin had noticed it. Calvin sued Don’s Drug Store to recover damages for the injuries he sustained in the fall. The jurisdiction has adopted a rule of pure comparative negligence, and it follows traditional common law rules governing the duties of a land possessor.Will Calvin recover a judgment against Don’s Drug Store?
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