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

question 217

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.

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Definitions:

Standard Deviations

A statistical measure that quantifies the amount of variation or dispersion of a set of data values.

Standard Normal Distribution

A bell-shaped probability distribution characterized by a mean of zero and a standard deviation of one, used in many areas of statistical analysis.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how much the values in a data set vary from the mean.

Z-Scores

A statistical measurement that describes a value's relationship to the mean of a group of values, expressed in terms of standard deviations from the mean.