Financial 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: Analyze each account given.The accounts relevant to the net income calculation are these…

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
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
Need help with this general accounting question
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
Vedah company's trial balance reflected the following account balances on December 31, 20B: Accounts Receivable, 800,000; Financial asset at fair value through profit or loss, 250,000; Financial asset at amortized cost, 650,000; Cash, 550,000; Inventory, 1,500,000; Equipment and furniture, 1,250,000; Accumulated depreciation, 750,000; Patent, 200,000; Prepaid expenses, 50,000; Land held for future business site, 900,000. In Vedah's December 31, 20B statement of financial position, what amount should be shown as current assets? CHOICES 4,700,000 3,150,000 4,000,000 3,800,000
The following information was extracted from the financial statements working papersfile for year ended 31 December 2020 for Dave Song’s Cleaning Services List of balances at 31 December 2020 Debits Credits Capital: D Song 660 000 Drawings 160 000 Land and buildings at cost 582 000 Vehicle at cost 224 000 Accumulated depreciation: Vehicle (1 January2020) 46 000 Bank 360 000 Inventories: Consumables 104 000 Trade receivables 261 200 Allowance for credit losses 13 060 10% Long term loan 320 000 Trade payables 260 000 Fees earned 1 036 600 Rent expense 160 000 Telephone 10 708 Other distribution expenses 454 752 Interest on long term loan 19 000 2 335 660 2 335 660 Additional information not yet taken into account:1. Included in rent expenses is an amount of R68 000 in respect of rent for 2021 whichwas paid and recorded in December 2020.2. The telephone account for December 2020 of R1 540 was received but not yet…
Queenan Company computes depreciation on delivery equipment at $1,000 for the month of June. The adjusting entry to record this depreciation should be reflected as:

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