Cash Accounts Receivable Prepaid Insurance Prepaid Advertising Office Supplies Merchandise Inventory Delivery Van Accumulated Depreciation-Equipment Patents Accounts Payable Salaries Payable Notes Payable Common Stock Retained Earnings Dividends Chocolate LLC. Adjusted Trial Balance December 31 Sales Sales Discount Dr. $59,500 12,500 1,350 13,250 1,475 27,850 65,000 60,000 30,000 25,702 Cr. W 15,000 9,600 63,717 7,500 35,000 121,944 257,015
Cash Accounts Receivable Prepaid Insurance Prepaid Advertising Office Supplies Merchandise Inventory Delivery Van Accumulated Depreciation-Equipment Patents Accounts Payable Salaries Payable Notes Payable Common Stock Retained Earnings Dividends Chocolate LLC. Adjusted Trial Balance December 31 Sales Sales Discount Dr. $59,500 12,500 1,350 13,250 1,475 27,850 65,000 60,000 30,000 25,702 Cr. W 15,000 9,600 63,717 7,500 35,000 121,944 257,015
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1. What is net income?
2. What is the ending balance of Retained Earnings ?
3. What is the total amount of assets?
4. What is the total amount of liabilities?
5. What is the amount of equity would be reported in a Balance Sheet ?
Transcribed Image Text:Sales Discount
Sales Returns and Allowances
Cost of Goods Sold
Insurance Expense (on office)
Advertising Expense
6,000
1,900
23,000
1,350
24,000
5,000
13,200
7,230
2,890
$509,776
Use the adjusted Trial Balance above and answer the following questions:
Office Salaries Expense
Office Supplies Expense
Office Rent
Depreciation Expense- Delivery Van
Travel Expenses (sales related)
Utilities Expense
Interest Expense
Totals
1. What is Net Income? $
25,702
4,370
124,209
4. What is the total amount of liabilities? $
2. What is the ending balance of Retained Earnings? $
3. What is the total amount of assets? $
$509,776
Transcribed Image Text:Cash
Accounts Receivable
Prepaid Insurance
Prepaid Advertising
Office Supplies
Merchandise Inventory
Delivery Van
Accumulated Depreciation-Equipment
Patents
Accounts Payable
Salaries Payable
Notes Payable
Common Stock
Retained Earnings
Dividends
Chocolate LLC.
Adjusted Trial Balance
December 31
Sales
Sales Discount
Dr.
$59,500
12,500
1,350
13,250
1,475
27,850
65,000
60,000
30,000
25,702
Cr.
W
15,000
9,600
63,717
7,500
35,000
121,944
257,015
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