The Balances for the Accounts of Mike's Maintenance, Inc Calculate the Correct Balance for Cash and Prepare a Trial

question 10

Essay

The balances for the accounts of Mike's Maintenance, Inc.for the year ended December 31 are shown below.Each account shown had a normal balance.
$\begin{array}{|l|r|l|r|}\hline \text { Accounts payable } & \$ 6,500 & \text { Wages expense } & \$ 36,000 \\\hline \text { Accounts receivable } & 7,000 & \text { Rent expense } & 6,000 \\\hline \text { Cash } & ? & \text { Retained earnings } & 68,700 \\\hline \text { Maintenance supplies } & 1,200 & & \\\hline \text { Building } & 125,000 & \text { Land } & 50,000\\\hline \text { Supplies expense } & 21,500 & \text { Unearned maintenance fees } & 4,000 \\\hline \text { Common stock } &50,000 \\\hline \text {Maintenance revenue}&175,000&\text { Dividends } & 48,000\\\hline\end{array}$ Calculate the correct balance for Cash and prepare a trial balance.

Understand the components and importance of financial planning.

Recognize the steps in the financial planning process and their significance.

Identify and assess various types of financial risks and how they impact financial decisions.

Understand the role of savings and investment in achieving financial goals.

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Definitions:

Ethical

Pertaining to or dealing with morals, principles of morality, or the rules of conduct that govern the behavior of individuals and organizations.

Unethical

Actions or behaviors that do not meet the accepted standards of moral conduct.

Business Practice

Standard methods or processes used in the running of a company or in conducting commercial activities.

Ethical Conceptions

Theories or ideas pertaining to ethics, dealing with questions of morality and the principles of right and wrong.