Alpha has the following adjusted trial balance at the end of the year. On the basis of its annual physical count of inventory at year-end, Alpha determined that its ending inventory was $45,000. Cash Accounts receivable Inventory Supplies Equipment Accumulated depreciation Accounts payable Salaries payable Utilities payable Income tax payable Unearned sales revenue Common stock Retained earnings Dividends Sales Sales returns and allowances Purchases Purchase discounts Debit $9,000 15,000 36,000 2,000 60,000 8,000 6,000 51,000 Rent expense Salaries expense Depreciation expense Income tax expense 3,000 Total 24,000 45,000 6,000 Credit $30,000 12,000 3,000 6,000 4,000 1,000 56,000 15,000 135,000 3,000 $265,000 $265,000 Using this trial balance, net income for the year is

Alpha has the following adjusted trial balance at the end of the year. On the basis of its annual physical count of inventory at year-end, Alpha determined that its ending inventory was $45,000. Cash Accounts receivable Inventory Supplies Equipment Accumulated depreciation Accounts payable Salaries payable Utilities payable Income tax payable Unearned sales revenue Common stock Retained earnings Dividends Sales Sales returns and allowances Purchases Purchase discounts Debit $9,000 15,000 36,000 2,000 60,000 8,000 6,000 51,000 Rent expense Salaries expense Depreciation expense Income tax expense 3,000 Total 24,000 45,000 6,000 Credit $30,000 12,000 3,000 6,000 4,000 1,000 56,000 15,000 135,000 3,000 $265,000 $265,000 Using this trial balance, net income for the year is

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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