Chapter 2 Recording Business Transactions

20) The following are the current month's balances for Toys Galore Inc., before preparing the trial balance.

Accounts Payable	$ 8,000
Revenue	10,000
Cash	5,000
Expenses	1,750
Furniture	12,000
Accounts Receivable	14,000
Common Stock	?
Notes Payable	6,500

What amount should be shown for Common Stock on the trial balance?

A) $16,500

B) $8,250

C) $14,500

D) $31,000

21) The following are the current month's balances for Toys Galore Inc.

Accounts Payable	$ 8,000
Revenue	10,000
Cash	5,000
Expenses	1,750
Furniture	12,000
Accounts Receivable	14,000
Common Stock	8,250
Notes Payable	6,500

Calculate the total amount of credits for the trial balance.

A) $24,500

B) $22,750

C) $24,750

D) $32,750

22) The following are the current month's balances for Toys Galore Inc.

Accounts Payable	$ 8,000
Revenue	10,000
Cash	5,000
Expenses	1,750
Furniture	12,000
Accounts Receivable	14,000
Common Stock	8,250
Notes Payable	6,500

What is the total amount of debits for the trial balance?

A) $26,000

B) $27,750

C) $31,000

D) $32,750

23) The following are the current month's balances for Toys Galore Inc.

Accounts Payable	$ 8,000
Revenue	10,000
Cash	5,000
Expenses	1,750
Furniture	12,000
Accounts Receivable	14,000
Common Stock	8,250
Notes Payable	6,500

What is the net income for Toys Galore Inc. for the current month?

A) $10,000

B) $8,250

C) $11,750

D) $15,000