The following information was taken from the records of LM Consulting Group for the month ended December 31, 2023. Advertising Expense Income Tax Expense Accounts Payable Dividends Paid $42,300 $30,500 $27,400 $29,750 Retained Earnings (Jan. 1, 2023) $120,500 Consulting Fees Revenue Rent Expense Supplies Expense $210,000 $25,000 $36,900 Given the above information, net income for the year is: a) $78,300 b) $91,600 c) $75,300 d) $37,800

The following information was taken from the records of LM Consulting Group for the month ended December 31, 2023. Advertising Expense Income Tax Expense Accounts Payable Dividends Paid $42,300 $30,500 $27,400 $29,750 Retained Earnings (Jan. 1, 2023) $120,500 Consulting Fees Revenue Rent Expense Supplies Expense $210,000 $25,000 $36,900 Given the above information, net income for the year is: a) $78,300 b) $91,600 c) $75,300 d) $37,800

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter8: Employer Taxes, Payments, And Reports

Section: Chapter Questions

Problem 6E: On September 30, Cody Companys selected account balances are as follows: In general journal form,...

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The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
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