29 Jun Question CP9 Pinkerton Corporation
Question
CP9 Pinkerton Corporation’s trial balance at December 31, 2010, is presented below. All 2010 transactions have been recorded except for the items described after the trial balance.
Debit Credit
Cash $ 28,000
Accounts Receivable 36,800
Notes Receivable 10,000
Interest Receivable –0–
Merchandise Inventory 36,200
Prepaid Insurance 3,600
Land 20,000
Building 150,000
Equipment 60,000
Patent 9,000
Allowance for Doubtful Accounts $ 500
Accumulated Depreciation—Building 50,000
Accumulated Depreciation—Equipment 24,000
Accounts Payable 27,300
Salaries Payable –0–
Unearned Rent 6,000
Notes Payable (short-term) 11,000
Interest Payable –0–
Notes Payable (long-term) 35,000
Common Stock 50,000
Retained Earnings 63,600
Dividends 12,000
Sales 900,000
Interest Revenue –0–
Rent Revenue –0–
Gain on Disposal –0–
Bad Debts Expense –0–
Cost of Goods Sold 630,000
Depreciation Expense—Buildings –0–
Depreciation Expense—Equipment –0–
Insurance Expense –0–
Interest Expense –0–
Other Operating Expenses 61,800
Amortization Expense—Patents –0–
Salaries Expense 110,000
Total $1,167,400 $1,167,400
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