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Business
Accounting
Cash 52,000 32,000 Accounts Receivable Supplies Inventory Prepaid Expenses Land Building Accumulated Depreciation-Building Accounts Payable Salaries Payable 101,000 2,500 98,000 12,200 65,500 12,300 42,300 24,000 309,700 385,000 309,700 385,000 76,300 42,100 58,600 38,900 13,200 9,700

Cash 52,000 32,000 Accounts Receivable Supplies Inventory Prepaid Expenses Land Building Accumulated Depreciation-Building Accounts Payable Salaries Payable 101,000 2,500 98,000 12,200 65,500 12,300 42,300 24,000 309,700 385,000 309,700 385,000 76,300 42,100 58,600 38,900 13,200 9,700

FINANCIAL ACCOUNTING
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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Net income for 2022 year with workings mandatory for upvote.

2022 2021 Account Name Debit Credit Debit Credit Cash 52,000 32,000 Accounts Receivable Supplies 101,000 98,000 2,500 12,200 42,300 Inventory Prepaid Expenses 65,500 12,300 24,000 Land 309,700 385,000 309,700 385,000 Building Accumulated Depreciation-Building Accounts Payable Salaries Payable Income Taxes Payable Notes Payable Bonds Payable 76,300 58,600 42,100 38,900 13,200 9,700 34,000 26,000 100,000 100,000 200,000 200,000 Common Stock 220,000 220,000 Retained Earnings Sales Revenue (Net) 67,000 49,000 956,000 1,050,650 Cost of Goods Sold 456,950 360,000 67,900 Advertising Expense Depreciation Expense Insurance Expense Rent Expense Salaries Expense 70,000 17,700 1,000 24,000 280,000 17,700 1,000 24,000 310,000
Transcribed Image Text:2022 2021 Account Name Debit Credit Debit Credit Cash 52,000 32,000 Accounts Receivable Supplies 101,000 98,000 2,500 12,200 42,300 Inventory Prepaid Expenses 65,500 12,300 24,000 Land 309,700 385,000 309,700 385,000 Building Accumulated Depreciation-Building Accounts Payable Salaries Payable Income Taxes Payable Notes Payable Bonds Payable 76,300 58,600 42,100 38,900 13,200 9,700 34,000 26,000 100,000 100,000 200,000 200,000 Common Stock 220,000 220,000 Retained Earnings Sales Revenue (Net) 67,000 49,000 956,000 1,050,650 Cost of Goods Sold 456,950 360,000 67,900 Advertising Expense Depreciation Expense Insurance Expense Rent Expense Salaries Expense 70,000 17,700 1,000 24,000 280,000 17,700 1,000 24,000 310,000
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