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he adjusted trial balance for the Company at December 31, Year 2 is presented belowr Adjusted Trial Balance Cash Accounts receivable Debit $15,000 22,000 Credit Supplies 600 Equipment 610.000 Accumulated depreciation- equipment $100,000 8.000 Accounts payable Retained earnings Dividends Service revenue Salaries expense Depreciation expense Interest expense 315,000 141,600 30,000 590,000 Other expenses 425,000 25,000 2,000 35.000 Totals $1,164,600 $1,164.600 Determine the following for the year ended December 31, year 2. Do not include $ in your answer. Net income: Ending retained earnings: Book value of the equipment:

he adjusted trial balance for the Company at December 31, Year 2 is presented belowr Adjusted Trial Balance Cash Accounts receivable Debit $15,000 22,000 Credit Supplies 600 Equipment 610.000 Accumulated depreciation- equipment $100,000 8.000 Accounts payable Retained earnings Dividends Service revenue Salaries expense Depreciation expense Interest expense 315,000 141,600 30,000 590,000 Other expenses 425,000 25,000 2,000 35.000 Totals $1,164,600 $1,164.600 Determine the following for the year ended December 31, year 2. Do not include $ in your answer. Net income: Ending retained earnings: Book value of the equipment:

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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The adjusted trial balance for the Company at December 31, Year 2 is presented belowr Adjusted Trial Balance Cash Accounts receivable Debit $15,000 22,000 Credit Supplies 600 Equipment 610.000 Accumulated depreciation- equipment $100,000 8.000 Accounts payable Retained earnings Dividends Service revenue Salaries expense Depreciation expense Interest expense 315,000 141,600 30,000 590,000 Other expenses 425,000 25,000 2,000 35.000 Totals $1,164,600 $1,164.600 Determine the following for the year ended December 31, year 2. Do not include $ in your answer. Net income: Ending retained earnings: Book value of the equipment:
The adjusted trial balance for the Company at December 31, Year 2 is presented beloer. Adjusted Trial Balance Debit Credit Cash $15,000 Accounts receivable 22,000 Supplies 600 Equipment 610,000 Accumulated depreciation- $100,000 equipment 8,000 Accounts payable
Transcribed Image Text:The adjusted trial balance for the Company at December 31, Year 2 is presented beloer. Adjusted Trial Balance Debit Credit Cash $15,000 Accounts receivable 22,000 Supplies 600 Equipment 610,000 Accumulated depreciation- $100,000 equipment 8,000 Accounts payable
ommon stock 315,000 Retained earnings 141,600 Dividends 30,000 Service revenue 590,000 Salaries expense 425,000 Depreciation expense 25,000 Interest expense 2,000 Other expenses 35,000 $1,164,600 $1,164,600 Totals Determine the following for the year ended December 31, year 2. Dc Net income:
Transcribed Image Text:ommon stock 315,000 Retained earnings 141,600 Dividends 30,000 Service revenue 590,000 Salaries expense 425,000 Depreciation expense 25,000 Interest expense 2,000 Other expenses 35,000 $1,164,600 $1,164,600 Totals Determine the following for the year ended December 31, year 2. Dc Net income:
Expert Solution
Step 1

solution

calculation of net income

Service revenue

590000

 

Total revenue

 

590000

Salaries expense

425000

 

Depreciation expense

25000

 

Interest expense

2000

 

Other expenses

35000

 

Total expense

 

487000

 

Net income

 

103000

 

 

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