Given the trial balance below, determine the net income for Woody's Cabinet Shop, Inc. for the month endedJune 30. 20Y1.Woody's Cabinet Shop, Inc.Trial BalanceJune 30, 20Y1Account NameDEBIT12,6004,5008001,80013,900CREDITCashAccounts ReceivableSuppliesPrepaid InsuranceEquipmentAccounts PayableCommon Stock8.00021,000Dividends900Fees Earned9,000Rent ExpenseUtilies ExpenseWage Expense1,0005002,000Totals38,00038,000O $2.500O $3.500

The income of a company is calculated by deducting expenses from the revenues of the company.

Answered: Given the trial balance below,…

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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Use the Adjusted Trial Balance Lion Consulting. (Note: I am including the Adjusted Trial Balance below in this question to use for questions 18-23 and 40-46, but it would be easier if you refer to the separate file I provided.)On the Income Statement, what would the Gross Profit be for Lion Consulting? Lion Consulting Adjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash 92,000 Accounts Receivable 450,000 Merchandise Inventory 370,000 Estimated Returns Inventory 5,000 Office Supplies 10,000 Prepaid Insurance 12,000 Office Equipment 220,000 Accumulated Depreciation - Office Equip. 58,000 Store Equipment 650,000 Accumulated Depreciation - Store Equip. 87,500 Accounts Payable 38,500 Customer Refunds Payable 10,000 Salaries Payable 4,000 Note Payable (final payment due 2029)* *140,000 M.T.…
Financial Accounting ‏
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