Question Content Area The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet: Line Item Description Amount Accumulated Depreciation $ 2,151 Fees Earned 14,783 Depreciation Expense 1,173 Insurance Expense 665 Prepaid Insurance 3,373 Supplies 1,255 Supplies Expense 3,985 Net income for the period is a. $8,960 b. $6,809 c. $5,823 d. $2,181

Question Content Area The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet: Line Item Description Amount Accumulated Depreciation $ 2,151 Fees Earned 14,783 Depreciation Expense 1,173 Insurance Expense 665 Prepaid Insurance 3,373 Supplies 1,255 Supplies Expense 3,985 Net income for the period is a. $8,960 b. $6,809 c. $5,823 d. $2,181

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Question Content Area

The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet:

Line Item Description	Amount
Accumulated Depreciation	$ 2,151
Fees Earned	14,783
Depreciation Expense	1,173
Insurance Expense	665
Prepaid Insurance	3,373
Supplies	1,255
Supplies Expense	3,985

Net income for the period is

a. $8,960

b. $6,809

c. $5,823

d. $2,181

Video Video

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Trending now

This is a popular solution!

Step by step

Solved in 1 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

Cash Accounts Payable Land: Operating Expenses What is the total of the credit account balances that will be shown on the adjusted trial balance? Multiple Choice $60,500 $62,500 $61.500 18,100 Accounts Receivable 4,800 Service Revenue 25,100 Retained Earnings 12,500 Common Stock $43,200 5,800 18,300 17,300 21,100
Use the adjusted trial balance for Stockton Company to answer the question that follows. Stockton CompanyAdjusted Trial BalanceDecember 31 AccountNo. DebitBalances CreditBalances Cash 11 6,946 Accounts Receivable 12 2,302 Prepaid Expenses 13 632 Equipment 18 14,319 Accumulated Depreciation 19 1,405 Accounts Payable 21 1,499 Notes Payable 22 4,301 Bob Steely, Capital 31 15,223 Bob Steely, Drawing 32 634 Fees Earned 41 7,214 Wages Expense 51 3,364 Rent Expense 52 829 Utilities Expense 53 351 Depreciation Expense 54 172 Miscellaneous Expense 59 93 Totals 29,642 29,642 Determine the net income (loss) for the period.
Prepare the closing entries Cash P4,650Accounts Receivables 5,200Supplies 640Accounts Payable P2,500Unearned Revenue 200Capital 5,000 Drawings 2,000Miscellaneous Expense 400Service Revenue 7,640Salaries Expense 1,650Representation Expense 350Supplies Expense 3,050Salaries Payable 600
Current Attempt in Progress Kingbird, Inc's trial balance at the end of its first month of operations reported the following accounts and amounts with normal balances: Cash Prepaid insurance Accounts receivable Accounts payable Notes payable Common stock Dividends Revenues Expenses $18240 O $35910 O $37050 O $36480 O $37620 570 2850 2280 3420 5700 570 25080 14250 Total credits on Kingbird, Inc's trial balance are
Don't answer in image
23. Prepare closing entries rom the following end-of period spreadsheet. Austin Entergrises Fadof Peried Spreadsheet For the Year Eaded December JI Adnted Trial Balance Credit Income Statement Debt Balance Sheet Deb 26.500 7000 Account Titie Crede Debit Crede 26,500 7,000 1,000 18300 Cash Accounts Receivable Supplies Equipment Accumalated Depr 18.500 5.000 5.000 Accoures Payabie Wages Payable Common Stock Retained arnings Dividends Eees Earmed Wages Eapense Rest Esgeme Depreciation Eapense Toals Net omeLo) 11,000 100 6.000 2.000 1000 1,000 6.000 2.000 2.000 2,000 59.500 59.500 19,000 7.000 3.00 19000 7000 3.300 .500 .500 29,500 20.0 59.500 5.000 25,000 20.000
Based on the accounts shown below in the Partial Adjusted Trial Balance dated 12/31/20xx, what is the total dollar ($) amount of the Debits? Normal Account Balance Account Name Cash $15,000 Inventory $9,000 Equipment $90,738 Accumulated Depreciation $1,396 Deferred Revenue $4,000 Common Stock $75,267 Revenue $40,000 Sales Return $3,858 Cost of Goods Sold $3,000 Interest Expense $15,000 Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS
Kimberly Ashley, the bookkeeper for Interiors Designs, has just finished posting the closing entries for the year to the ledger. She is concerned about the following balances: Capital account balance in the general ledger: Ending capital balance on the statement of owner's equity: Ashley knows that these amounts should agree and asks for your assistance in reviewing her work. Your review of the general ledger of Interiors Designs reveals a beginning capital balance of $100,000. You also review the general journal for the accounting period and find the closing entries shown below. Date 20X1 Dec. 31 31 GENERAL JOURNAL Description Closing Entries Fees income Accumulated depreciation Account payable Income summary Income summary Salaries expense Supplies expense Depreciation expense Wade Wilson, Drawing Debit 196,000 17,000 66,000 184,800 Page 15 Credit 279,000 $194,200 111, 200 156,000 10,000 4,800 14,000 Required: 2. Prepare a general journal entry to correct the errors made. 3.…
Fill in the missing items for the following inventories:
Question Content Area Balances of the current asset and current liability accounts at the end and beginning of the year are as follows: End Beginning Cash $62,000 $73,000 Accounts Receivable (net) 75,000 60,000 Inventories 54,000 47,000 Accounts Payable (merchandise creditors) 43,000 37,000 Salaries Payable 2,800 3,800 Sales (on account) 210,000 Cost of Merchandise Sold 70,000 Operating Expenses Other Than Depreciation 67,000 Use the direct method to prepare the operating activities section of a statement of cash flows. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. blankCash Flows From The Operating Activities Section Cash flows from (used for) operating activities: $- Select - $- Select - - Select - $- Select -
Question: Journalize the required returns! Include excel formula in your answer
Account Title Balance ($) Accounts Payable 11,700Accounts Receivable 69,000Accumulated Depreciation - Building 44,200Building 439,500Cash 28,000Depreciation Expense - Building 8,750Insurance Expense 2,500Miscellaneous Expense 6,200Prepaid Insurance 2,500Repairs Expense 3,000Rent Expense 48,000Rent Revenue 12,000Salaries Expense 522,100Salaries…