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? Sales DiscountSales Returns and AllowancesCost of Goods SoldInsurance Expense (on office)Advertising Expense6,0001,90023,0001,35024,0005,00013,2007,2302,890$509,776Use the adjusted Trial Balance above and answer the following questions:Office Salaries ExpenseOffice Supplies ExpenseOffice RentDepreciation Expense- Delivery VanTravel Expenses (sales related)Utilities ExpenseInterest ExpenseTotals1. What is Net Income? $25,7024,370124,2094. 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 CashAccounts ReceivablePrepaid InsurancePrepaid AdvertisingOffice SuppliesMerchandise InventoryDelivery VanAccumulated Depreciation-EquipmentPatentsAccounts PayableSalaries PayableNotes PayableCommon StockRetained EarningsDividendsChocolate LLC.Adjusted Trial BalanceDecember 31SalesSales DiscountDr.$59,50012,5001,35013,2501,47527,85065,00060,00030,00025,702Cr.W15,0009,60063,7177,50035,000121,944257,015

Financial Statements include income statement, Statement of Retained Earnings and Balance Sheet.The…

Answered: Cash Accounts Receivable Prepaid…

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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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?

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

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

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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