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

question 62

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.

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Definitions:

Esophagus

A muscular tube that transports food from the throat to the stomach, playing a key role in the digestive system.

Gallbladder

A small organ that stores bile produced by the liver, releasing it into the small intestine to aid in the digestion of fats.

Bicarbonate

A negatively charged ion (HCO3-) that is a form of carbon dioxide in solution, playing a vital role in the buffering of blood pH.

Pancreas

The pancreas is an organ involved in digestion and blood sugar regulation, producing digestive enzymes and insulin, respectively.