Below Are the Adjusted Accounts of Century Realtors,Inc Prepare a Post-Closing Trial Balance

question 160

Essay

Below are the adjusted accounts of Century Realtors,Inc.,for the month ended October 31,2010,listed in alphabetical order:
$\begin{array}{lrlr}\text { Accounts Payable } & \$ 520 & \text { Dividends } & 750 \\\text { Accounts Receivable } & 2,400 & \text { Income Taxes Expense } & 80 \\\text { Accumulated Depreciation - } & & \text { Income Taxes Payable } & 80 \\\quad \text { Office Equipment } & 3,000 & \text { Office Equipment } & 7,500 \\\text { Cash } & 1,200 & \text { Prepaid Rent } & 1,100 \\\text { Commissions Revenue } & 5,400 & \text { Retained Earnings } & 4,000 \\\text { Common Stock } & 2,000 & \text { Salaries Expense } & 1,720 \\\text { Depreciation Expense- } & & \text { Utilities Expense } & 100 \\\quad \text { Office Equipment } & 150 & &\end{array}$ Prepare a post-closing trial balance.

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Definitions:

Total Fixed Costs

The sum of all costs that do not change with the level of production or sales over a certain period, such as rent, salaries, and insurance.

Average Operating Assets

The average value of the assets used in the normal operations of a business, calculated over a specific period.

Market Price

The current value at which an asset or service can be bought or sold in the marketplace.

Preferred Dividends

The dividends that are allocated and paid to preferred shareholders before any dividends can be distributed to common shareholders.