General Accounting The following accounts were taken from the Adjusted Trial Balance columns ofthe worksheet for Skyline Consulting:Accumulated Depreciation = $5,000•.Service Revenue = $21,500..Depreciation Expense = $1,800Rent Expense = $700Prepaid Rent = $6,200⚫ Office Supplies = $1,200Supplies Expense = $4,500What is the net income for the period?

Step 1: Define Net IncomeNet Income is calculated as total revenues minus total expenses. It…

Answered: The following accounts were taken from…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 7PB: Using the following information, A. Make the December 31 adjusting journal entry for depreciation....

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Daniel Corporation's end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet Credit column for Accumulated Depreciation. The end-of-period spreadsheet at the end of August has $7,600 in the Balance Sheet Credit column for Accumulated Depreciation. What is the amount of the depreciation expense adjustment for the month of August? Oa. $12,550 Ob. $4,950 Oc. $7,600 Od. $2,650
The adjusted trial balance on the worksheet shows Accumulated Depreciation, $1,700, and Depreciation Expense, $100. What was the balance in the Accumulated Depreciation account before the adjustment?
Selected accounts from Westeros Co.’s adjusted trial balance for the year ended December 31 follow. Prepare its income statement. Sales. $30,000 Depreciation expense… . $ 5,000 Repairs expense. 500 Salaries expense. 10,000 Depletion expense. 4,000 Amortization expense. 2,000
The following accounts were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet: Accumulated Depreciation $2,736 Fees Earned 15,636 Depreciation Expense 1,200 Insurance Expense 660 Prepaid Insurance 3,712 Supplies 1,872 Supplies Expense 3,981 Net income for the period is O S7,059 $9,795 $5,841 $1,475
Using the following information, A. Make the December 31 adjusting journal entry for depreciation. B. Determine the net book value (NBV) of the asset on December 31. Cost of asset, $195,000 Accumulated depreciation, beginning of year, $26,000 Current year depreciation, $13,000
Hardy Company purchased a computer for P4,800 on December 1. It is estimated that annual depreciation on the computer will be P960. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: Debit Depreciation Expense, P960; Credit Accumulated Depreciation, P960. Debit Depreciation Expense, P80; Credit Accumulated Depreciation, P80. Debit Depreciation Expense, P3,840; Credit Accumulated Depreciation, P3,840. Debit Office Equipment, P4,800; Credit Accumulated Depreciation, P4,800.
Subject - account Please help me. Thankyou.
The unadjusted net income on the income statement was $23,760. After journalizing and posting the adjusting entries for the $1,620 of supplies used and $3,700 of depreciation on the company's equipment for the year, the adjusted net income is: Multiple Choice $18,440. $20,060. O $22,140
On January tof the current year, the furniture account had a balance of P 24.000 with accumulated depreciation of P 2,400. On May aditional furniture costing P 12,000 was baught. The furmiture is depreciated at the rate 10%6 per annum. What is the carrying amount (net book value) of the fumiture on December 31, the end of the accounting period? P 30,400 P 34,000 P 34,000 P 32,400
The following information has been taken from Sacha's accounts. Income Statement for the year ending 31st December 2019.” “ £ Revenue 1,372,008 Cost of Sales (916,502) Gross Profit 455,506 Selling and distribution expenses (excluding depreciation) (110,000) Administration expenses (excluding depreciation) (86,000) Operating expenses (90,540) Depreciation (84,480) Operating Profit 84,486 Interest receivable 7,428 Interest payable (3,714) Profit for the year 88,200” “Statements of financial position as at 31st December 2018 and 31st December 2019. “ “2018 2019 £ £ £ £…
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The estimated amount of depreciation on equipment for the current year is $7,700. Journalize the adjusting entry to record the depreciation. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSGeneral Ledger ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 15 Land 16 Equipment 17 Accumulated Depreciation-Equipment LIABILITIES 21 Accounts Payable 22 Unearned Fees 23 Salaries Payable 24 Taxes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Insurance Expense 53 Rent Expense 54 Salary Expense 55 Supplies Expense 56 Utilities Expense 57 Depreciation Expense 59 Miscellaneous Expense

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