The accountant for Morris, Inc prepared the following list of account balances from the company's records for the year ended December 31. The retained earnings were $600,000 on January 1, 2016, the beginning of the year. During the year, dividends of $42,000 were paid. Determine the net income (or loss) using the balances below. Accounts payable Accounts receivable Cash Common stock Fees earned Land $ 69,500 285,000 190,500 70,000 912,500 544,000 Miscellaneous expense Rent expense Supplies Supplies expense Utilities expense Wages expense $ 6,400 36,000 5,500 4,100 28,500 510,000
The accountant for Morris, Inc prepared the following list of account balances from the company's records for the year ended December 31. The retained earnings were $600,000 on January 1, 2016, the beginning of the year. During the year, dividends of $42,000 were paid. Determine the net income (or loss) using the balances below. Accounts payable Accounts receivable Cash Common stock Fees earned Land $ 69,500 285,000 190,500 70,000 912,500 544,000 Miscellaneous expense Rent expense Supplies Supplies expense Utilities expense Wages expense $ 6,400 36,000 5,500 4,100 28,500 510,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:The accountant for Morris, Inc prepared the following list of account balances from the company's records for the year ended December 31. The
retained earnings were $600,000 on January 1, 2016, the beginning of the year. During the year, dividends of $42,000 were paid. Determine the net
income (or loss) using the balances below.
Accounts payable
$ 69,500
Miscellaneous expense
$ 6,400
Accounts receivable
285,000
Rent expense
36,000
Cash
190,500
Supplies
Supplies expense
Utilities expense
5,500
Common stock
70,000
4,100
Fees earned
912,500
28,500
Land
544,000
Wages expense
510,000
Edit View Insert Format Tools Table
12pt v
Paragraph v BIU
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