Adjusted Trial BalanceFor the Year Ending December 31, 2016DebitCredit$44,00056,000376,000CashAccounts receivableEquipmentAccumulateddepreciationNotes payableCommon stockRetained earningsService fees earnedRent expenseSalaries expense88,000116,000Depreciation expense 72,000Totals$72,00060,000130,000142,000348,0000$752,000 $752,000a. Based on Anderson's adjusted trial balance, Net Income for the period equals?b. How to close Service Fees Earned? How to close Rent, Salaries, Depreciation Expenses?c. The balance of Retained Earnings after closing on December 31, 2016 will be?

Financial statement means statement which shows the financial position as on date and financial…

For the Year Ending December 31, 2016 Debit Credit $44,000 56,000 376,000 Cash Adjusted Trial Balance Accounts receivable Equipment Accumulated depreciation Notes payable Common stock Retained earnings Service fees earned Rent expense Salaries expense Totals 88,000 116,000 Depreciation expense 72,000 $72,000 60,000 130,000 142,000 348,000 0 $752,000 $752,000 a. Based on Anderson's adjusted trial balance, Net Income for the period equals? b. How to close Service Fees Earned? How to close Rent, Salaries, Depreciation Expenses? c. The balance of Retained Earnings after closing on December 31, 2016 will be?

For the Year Ending December 31, 2016 Debit Credit $44,000 56,000 376,000 Cash Adjusted Trial Balance Accounts receivable Equipment Accumulated depreciation Notes payable Common stock Retained earnings Service fees earned Rent expense Salaries expense Totals 88,000 116,000 Depreciation expense 72,000 $72,000 60,000 130,000 142,000 348,000 0 $752,000 $752,000 a. Based on Anderson's adjusted trial balance, Net Income for the period equals? b. How to close Service Fees Earned? How to close Rent, Salaries, Depreciation Expenses? c. The balance of Retained Earnings after closing on December 31, 2016 will be?

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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