Based on the following adjusted trial balance of Lyndon Company on December 31, 20OC, the end of the accounting period: P 67,075 70,000 176,500 Cash Note Receivable Accounts Receivable Allowance for Bad Debts Merchandise Inventory, Jan. 1 Fumiture & Fixtures 5,400 60,900 34,100 Accumulated Depreciation - Fum. & Fixt Office Equipment Accumulated Depreciation - Office Eaomt Note Payable Accounts Payable Leonard Capital Leonard Drawing Sales Sales Returns 3,100 15,500 1,500 20,000 94,750 265,000 9,500 572,875 11,000 6,400 390,750 5,415 Sales Discount Purchases Freight in Purchase Retuns 3,630 6,885 Purchase discount Salaries Expense Rent Expense Insurance expense Office supplies expense Rental Income 99.550 24,000 5,250 2.200 5,000 21 D 76 000
Based on the following adjusted trial balance of Lyndon Company on December 31, 20OC, the end of the accounting period: P 67,075 70,000 176,500 Cash Note Receivable Accounts Receivable Allowance for Bad Debts Merchandise Inventory, Jan. 1 Fumiture & Fixtures 5,400 60,900 34,100 Accumulated Depreciation - Fum. & Fixt Office Equipment Accumulated Depreciation - Office Eaomt Note Payable Accounts Payable Leonard Capital Leonard Drawing Sales Sales Returns 3,100 15,500 1,500 20,000 94,750 265,000 9,500 572,875 11,000 6,400 390,750 5,415 Sales Discount Purchases Freight in Purchase Retuns 3,630 6,885 Purchase discount Salaries Expense Rent Expense Insurance expense Office supplies expense Rental Income 99.550 24,000 5,250 2.200 5,000 21 D 76 000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
HOW MUCH IS TEH NET INCOME
a. 53, 925
b. 63, 975
c. 48, 925
d. 58, 925
Transcribed Image Text:Based on the following adjusted trial balance of Lyndon Company on December 31, 200c, the end of the accounting
period:
P 67,075
70,000
176,500
Cash
Note Receivable
Accounts Receivable
Allowance for Bad Debts
Merchandise Inventory, Jan. 1
Fumiture & Fixtures
5,400
60,900
34,100
Accumulated Depreciation - Furn. & Fixt.
Office Equipment
3,100
15,500
Accumulated Depreciation - Office Eanmt
1,500
20,000
94,750
265,000
Note Payable
Accounts Payable
Leonard Capital
Leonard Drawing
Sales
Sales Returns
Sales Discount
Purchases
Freight in
9,500
572,875
11,000
6,400
390,750
5,415
Purchase Returns
3,630
6,885
Purchase discount
Salaries Expense
Rent Expense
Insurance expense
Ofice supplies expense
Rental Income
99.550
24,000
5,250
2,200
5,000
Additional information: Merchandise Inventory, December 31, P 76,000
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