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Debit 10,000 22,000 1,200 70,000 Credit 6,000 101

Debit 10,000 22,000 1,200 70,000 Credit 6,000 101

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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Below is Saturday Company's adjusted trial balance for the year ended December 31, 2021: Account Title Debit Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Taxes Payable Interest Payable (due in <1 year) Notes Payable (due in 3 years) Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Depreciation Expense Other Expenses Totals Multiple Choice $22,000 18,000 133,700 What is the amount of the company's net income? O $11,500 O $14,500 10,000 22,000 1,200 70,000 $9,500 2,000 7,500 3,000 6,000 10,500 3,100 1,000 7,000 50,000 16,100 40,000 133,700
Transcribed Image Text:Below is Saturday Company's adjusted trial balance for the year ended December 31, 2021: Account Title Debit Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Taxes Payable Interest Payable (due in <1 year) Notes Payable (due in 3 years) Common Stock Retained Earnings Dividends Service Revenue Salaries Expense Depreciation Expense Other Expenses Totals Multiple Choice $22,000 18,000 133,700 What is the amount of the company's net income? O $11,500 O $14,500 10,000 22,000 1,200 70,000 $9,500 2,000 7,500 3,000 6,000 10,500 3,100 1,000 7,000 50,000 16,100 40,000 133,700
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