### Adjusted Trial Balance AccountsThe following accounts were taken from the Adjusted Trial Balance columns of the work sheet:- **Accumulated Depreciation:** $2,133- **Fees Earned:** $14,633- **Depreciation Expense:** $1,099- **Insurance Expense:** $694- **Prepaid Insurance:** $4,223- **Supplies:** $1,856- **Supplies Expense:** $3,765### Net Income for the PeriodChoosing the correct option for the net income based on the above accounts:- **a.** $5,558- **b.** $9,075- **c.** $6,942- **d.** $20,191To find the net income, subtract the total expenses from the total revenue (Fees Earned).Please verify these amounts and understand the components to correctly assess the net income for the period provided.

An income statement is a part of the financial statements of the companies. It indicates the excess…

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Accumulated Depreciation $2,133 Fees Earned 14,633 Depreciation Expense 1,099 Insurance Expense 694 Prepaid Insurance 4,223 Supplies 1,856 Supplies Expense 3,765 Net income for the period is Oa. $5,558 Ob. $9,075 Oc. $6,942 Od. $20,191

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Accumulated Depreciation $2,133 Fees Earned 14,633 Depreciation Expense 1,099 Insurance Expense 694 Prepaid Insurance 4,223 Supplies 1,856 Supplies Expense 3,765 Net income for the period is Oa. $5,558 Ob. $9,075 Oc. $6,942 Od. $20,191

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Lloyd Company reprted net income of $25000 for 20-2. The December 31 balances of the current assets and current liabilities are shown below Accounts receivable $4,600 $3000 Merchandise Inventory 25000 30000 Accounts payable 16000 18000 wages payable 8000 12000
Your staff person has provided you with the following journal entry for January 20x1 depreciation. The monthly deprecation is supposed to be $100.00. What is wrong with this entry?
On the basis of the following data related to assets due within one year for simmons Co. prepared partial balance sheet in good from at december 31, show total current asset Cash 96,000 Notes receivable 50,000 Accounts receivable 275,000 Allowance for Doubtfull Account 40,000 Interest Receivable 1,000
The accounts payable balance at the beginning of the year was $98,000. The company purchased $445,000 worth of goods on account, and the ending balance of the payables account was $135,000. What were the total payments on account? Multiple Choice $548,000 $463,000 $408.000 $478.000
Pharoah Company purchases equipment on January 1, Year 1, at a cost of $267,000. The asset is expected to have a service life of 5 years and a salvage value of $20,000.
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 -
Through November, Cameron has received gross income of $120,000. For December, Cameron is considering whether to accept one more work engagement for the year. Engagement 1 will generate $7,000 of revenue at a cost to Cameron of $3,000, which is deductible for AGI. In contrast, engagement 2 will generate $5,000 of qualified business income (QBI), which is eligible for the 20 percent QBI deduction. Cameron files as a single taxpayer, and he did not contribute to charity during the year. Calculate Cameron's taxable income assuming he chooses engagement 1 and assuming he chooses engagement 2. Assume he has no itemized deductions.
(c) Compute the amount of depreciation for each of Years 1 through 3 using the depreciation rate to 2 decimal places, e.g. 15.84% and final answers to 0 decimal places, e.g. 45,892.) Depreciation for Year 1 Depreciation for Year 2 Depreciation for Year 3 eTextbook and Media LA $ $ LA double-declining-balance method. (Round $ Assistance Us
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…
how do i made this entry in qb $250 of supplies were used in Feburuary