At the End of 2014, CNC Corporation's Accounting Information System

question 60

Multiple Choice

At the end of 2014, CNC Corporation's accounting information system produced the following trial balance: CNC completed the following transactions in January 2015: a.Purchased inventory on account, $300.
B.Collected cash from customers for prior year sales, $500.
C.Paid current month's wages, $900.
D.Had land appraised.Cost of doing the appraisal (paid in cash) , $700.Appraised value of land, $3,000.
E.Sold inventory with a cost basis of $200 on account, $800.
F.Declared dividends, $50.
G.Hired additional sales staff.Expected monthly salaries, $80.
H.Purchased supplies for cash, $150.
i.Paid creditors for previous purchases, $150.
j.Signed a contract for annual employee retreat, $450.The accounting cycle includes three different versions of the trial balance.For CNC, the totals of the trial balance prepared in the seventh step at the end of January will be:

• A)$17,650.
• B)some other amount.
• C)CNC cannot complete the seventh step in the accounting cycle at the end of January.
• D)Cannot be determined from the information given.

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