Chapter 7
Corporations: The Financial Statements
357
AP-8B (
2
3
)
Below is the adjusted trial balance for Del Ray Company. Dividends paid during the year were
$7,800.
Del Ray Company
Adjusted Trial Balance
March 31, 2016
Debit
Credit
Cash
$33,800
Accounts Receivable
40,300
Prepaid Insurance
5,070
Supplies
84,500
Property, Plant and Equipment
65,000
Accumulated Depreciation
$22,750
Accounts Payable
10,400
Unearned Revenue
9,750
Interest Payable
2,250
Loan Payable
25,000
Preferred Shares
14,500
Common Shares
21,700
Retained Earnings (after dividends)
116,110
Sales Revenue
130,000
Gain on Disposal of Equipment
5,200
Sales Discounts
650
Sales Returns and Allowances
1,950
Cost of Goods Sold
26,000
Depreciation Expense
7,150
Salary Expense
29,900
Rent Expense
7,150
Utilities Expense
8,450
Insurance Expense
10,400
Supplies Expense
15,600
Interest Expense
1,250
Income Tax Expense (Continuing Operations)
8,010
Income Tax Expense (Discontinued Operations)
2,880
Income from Discontinued Operations
8,100
Gain on Sale of Assets from Discontinued Operations
1,500
Total
$357,660
$357,660
