Chapter 3: The Accounting Cycle: End of Period Adjusted Trial Balance Debit Credit Cash 40,000 Accounts receivable 50,000 Supplies 5,000 Prepaid Insurance 15,000 Property, Plant & Equipment (PPE) 1,400,000 Accumulated depreciation 300,000 Accounts payable 25,000 20,000 3,000 Salaries payable Utilities payable Deferred revenue 55,000 200,000 400,000 Notes payable (due in 5 yrs.) Common stock Retained earnings 329,000 Dividends 80,000 450,000 300,000 Service revenue-new construction Service revenue-remodeling Salaries expense 400,000 50,000 10,000| Depreciation expense Interest expense Supplies expense 8,000 22,000 2,000 2,082,000 Utilities expense Service fee expense Total 2,082,000 1 Determine net income 2 Total current assets 3 Book Value of PPE

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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What the answer for questions 1-5? Number the answers question. Thank you.
Chapter 3: The Accounting Cycle: End of Period
Adjusted Trial Balance
Debit
Credit
Cash
40,000
Accounts receivable
50,000
Supplies
5,000
Prepaid Insurance
15,000
Property, Plant & Equipment (PPE)
1,400,000
300,000
25,000
20,000
3,000
55,000
200,000
400,000
329,000
Accumulated depreciation
Accounts payable
Salaries payable
Utilities payable
Deferred revenue
Notes payable (due in 5 yrs.)
Common stock
Retained earnings
Dividends
80,000
Service revenue-new construction
450,000
Service revenue-remodeling
300,000
Salaries expense
400,000
Depreciation expense
50,000
Interest expense
10,000
Supplies expense
Utilities expense
8,000
22,000
2,000
Service fee expense
Total
2,082,000
2,082,000
1 Determine net income
2 Total current assets
3 Book Value of PPE
4 Total assets
5 Identify all the PERMANENT accounts from the following:
|Salaries expense
Dividends
Service revenue
Supplies
Cash
Notes payable
Depreciation expense
Service fee expense
Accumulated depreciation
Transcribed Image Text:Chapter 3: The Accounting Cycle: End of Period Adjusted Trial Balance Debit Credit Cash 40,000 Accounts receivable 50,000 Supplies 5,000 Prepaid Insurance 15,000 Property, Plant & Equipment (PPE) 1,400,000 300,000 25,000 20,000 3,000 55,000 200,000 400,000 329,000 Accumulated depreciation Accounts payable Salaries payable Utilities payable Deferred revenue Notes payable (due in 5 yrs.) Common stock Retained earnings Dividends 80,000 Service revenue-new construction 450,000 Service revenue-remodeling 300,000 Salaries expense 400,000 Depreciation expense 50,000 Interest expense 10,000 Supplies expense Utilities expense 8,000 22,000 2,000 Service fee expense Total 2,082,000 2,082,000 1 Determine net income 2 Total current assets 3 Book Value of PPE 4 Total assets 5 Identify all the PERMANENT accounts from the following: |Salaries expense Dividends Service revenue Supplies Cash Notes payable Depreciation expense Service fee expense Accumulated depreciation
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