Unadjusted net income equals $5,500. Calculate what net income will be after thefollowing adjustments:1. Salaries payable to employees, $5102. Interest due on note payable at the bank, $903. Unearned revenue that has been earned, $8504. Supplies used, $200

Unadjusted net income equals $5,500. Calculate what net income will be after thefollowing adjustments:1. Salaries payable to employees, $5102. Interest due on note payable at the bank, $903. Unearned revenue that has been earned, $8504. Supplies used, $200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: A company has sublet part of its offices and in the year ended 30 November 20X3 the rent receivable…

A: The rent receivable until 30 June 20X3 is $8,400 per year. However, the financial year ends on 30…

Q: Question: At the end of the year, Dahir Incorporated's balance for Allowance for Uncollectible…

A: Step 1: Adjustments that will be recorded are Bad Debt expense debit and Allowance for Uncollectible…

Q: The balance in the prepaid rent account before adjustment at the end of the year is $11,400, which…

A: Prepaid rent is the rent which is paid in advance. It is the rent which is recorded as the current…

Q: Paid rent for the year of $600. * Rent Cash O Office

A: The answer for the multiple choice question is given hereunder :

Q: On January 1, Newman Company estimated its property tax to be $3,120 for the year. a. How much…

A: The property taxes are taxes paid by the land owner to the local authorities or government. The…

Q: At the end of the current year, Accounts Receivable has a balance of $790,000; Allowance for…

A: Given: The ending balance of Allowance for Doubtful Accounts is estimated at $28,700 credit. There…

Q: Pet care has accounts receivable of $70,000 at year end. The company estimates uncollectible…

A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.

Q: On December 1, 2025, Crane Company had the account balances shown below. Cash Accounts Receivable…

A: Trial Balance :— This statement shows the list of ending balance of all ledger accounts having debit…

Q: The beginning balance in the Allowance for Uncollectible Accounts account is a $3,500 debit. After…

A: Accounts receivable aging is a periofic report that categorizes as a company's account receivable…

Q: Vehicle worldwide reported accounts receivable of $238,000 and an allowance for uncollectible…

A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.

Q: At January 1, 2025, XYZ Company had an allowance for doubtful accounts with a $39,300 credit…

A: The aging schedule is an accounting table that lists a company's receivables in chronological order…

Q: Debit (Peso) Credit (Peso) 477 850.00 Accounts Notes Payable, due after 10 years Prepaid Rent Chen,…

A: Introduction: Balance sheet: All Assets and liabilities are shown in balance sheet. It tells the net…

Q: At the end of the current year, Accounts Receivable has a balance of $960,000; Allowance for…

A: Answer a

Q: On December 31, Woods Company had $1,500,000 in credit sales, $900,000 in Accounts Receivable, and a…

A: As per the percentage of sales method the adjusted amount is calculated on the total credit sales.…

Q: On December 1, 2020, X Company's accounts receivable balance was $15,000. During December, the…

A: Statement showing changes in Accounts receivable ledger: Particulars Amount Opening balance…

Q: At the beginning of 20X3, W7w Tax Prep Company reported Accounts Receivable $11500 and Allowance for…

A: The account receivables represents the amount due for payment but not yet received yet. The…

Q: What is the charge to statement of profit or loss for receivables expense for the year?

A: Allowances for receivables can be defined as the amount of receivables which is expected to be…

Q: Inearned Delivery Fees of FDNACCT Co. before adjustments 40,000. % of the unearned delivery fees…

A: Unearned revenue is not a revenue. It is an amount received for the goods or service supplied in the…

Q: Ernie Upshaw is the supervising manager of Sleep Tight Bedding. At the end of the Ernie with the…

A: Operating income measures a company's profitability before accounting for financing operations,…

Q: The adjusting entry required on December

A: Three month Prepaid rent was $13,200 so the rent for one month will be 132003 = $4,400

Q: Problem 5-6A (Algo) Using estimates of uncollectible accounts to overstate income (LO5-5) Willie…

A: Hi student Since there are multiple subparts asked, we will answer only first three subparts.…

Q: On 1 January 2019, the company paid OMR 4500 cash as rent expenses for two months. Select one:…

A: Prepaid expenses are the expenses that must be accounted for over multiple reporting periods.…

Q: USING THE FOLLOWING DATA, CALCULATE THE CURRENT RATIO (X): TAKE ANSWER OUT TO ONE PLACE AFTER THE…

A: Current assets = Accounts receivable + cash + marketable securities + merchandise inventories +…

Q: The following data are taken from an unadjusted trial balance at December 31, 2019: Prepaid rent $…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: During the first year of operation, Year 1, Direct Service Company recognized $304,000 of service…

A: The bad debt expense is related to uncollectible accounts receivable. When a company makes sales on…

Q: The balance in the prepaid rent account before adjustment at the end of the year is $20,345, which…

A: Adjusting entries: It is an entry pass to balance the debit and credit amount at the end of the…

Q: Stant Company Unadjusted Trial Balance July 31, 2020 Cash $7,500 Accounts Receivable 38,400 7,200…

A: Journal entry is a process of recording the business transactions in the books of accounts for the…

Q: At December 31, Gill Company reported accounts receivable of $248.000 and an allowance for…

A: Allowance for uncollectible accounts is considered a contra-asset account. It is prepared against…

Q: 8. Alladin Corporation uses the allowance method in estimating uncollectibles. At the end of the…

A: Allowance for uncollectible accounts is considered a contra-asset account. It is prepared against…

Q: Don't use handwriting

A: Allowance for uncollectible accounts has a normal credit balance. If it is on the debit side, it…

Q: How do I calculae the times interest earned ratio?

A: Calculate the times interest earned ratio as follows: Times interest earned ratio = EBIT / Interest…

Q: If the Sonny Company had a beginning balance in the allowance for doubtful accounts of $2,000 debit,…

A: Allowance for doubtful accounts is estimated uncollectible amount from the accounts recevable. An…

Q: What is the impact on profit and net assets of making the year-end adjustments for deferred income…

A: Accrual accounting is the accounting technique which makes the expenses posted in the books when it…

Q: The balance in the prepaid rent account before adjustment at the end of the year is $14,035, which…

A: Journal entries are the fundamental building blocks that provide the answers to those and other…

Q: Swerte Co. received P45,600 on May 1, 2020 for one year’s rent in advance and recorded the…

A: Advance rent is a liability for the company, for which revenue is to be recorded in later period.…

Q: Assume all rent revenues are received in advance and accounted for as unearned rent. Beginning and…

A: A rent collection service is responsible for collecting and pursuing rent from tenants. These…

Q: Paid the weekly wages of $6,462. What would be the correct General Ledger Entry?

A: Journal entry: It is a systematic record of a financial transaction of an organization recorded in…

Q: After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a…

A: Accounts Receivable (Net) -Accounts Receivables are accounts to whom sales are made but amount in…

Q: On December 31, 2019, $700of salaries has been accrued. (Salaries before accrued amount totaled…

A: Part a:

Question

Unadjusted net income equals $5,500. Calculate what net income will be after the
following adjustments:
1. Salaries payable to employees, $510
2. Interest due on note payable at the bank, $90
3. Unearned revenue that has been earned, $850
4. Supplies used, $200

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1 Meaning

VIEW

Step 2 Calculations for Adjusted Net Income

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

On the 1.7.2019 XY company received rental revenue in advance from customers of OMR 2400 for two years. in the journal entry, the credit side is: Select one: a. None of These b. Prepaid rent 2400 c. unearned revenue 2400 d. Accrued rent 2400.
A 1.
At the end of the year, Dahl Enterprises estimates the uncollectible accounts expense to be 0.8 percent of net sales of $7,575,000. The current credit balance of Allowance for Uncollectible Accounts is $12,900. Prepare the entry to record the uncollectible accounts expense. What is the balance of Allowance for Uncollectible Accounts after this adjustment? You must show your computations.
Before any adjustments, Snow Company had an end of the year accounts receivable balance of $225,000 and the allowance for uncollectible accounts had a $800 credit balance. An analysis of accounts receivable determines that the allowance for uncollectible accounts should be 4% of accounts receivable. The adjusting entry would include a credit to Allowance for Uncollectible Accounts of: O A. $8,000. O B. $9,800. OC. $9,000. $8,200. OD.
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
Give me answer
At the end of the year, a company reports a balance in its Allowance for Uncollectible Accounts of $2,000 (credit) before any year-end adjustment. The company estimates future uncollectible accounts to be 2% of credit sales for the year. Credit sales for the year total $282,000. Record the adjustment for the allowance for uncollectible accounts using the percentage-of-credit-sales method on a balance sheet.
A landlord received $5,000 cash for December 2019's rent, but the tenant's rent for December is $8,000. Which of the following is true for year ended 2019? group of answer choices a)$8,000 would appear on the income statement as rent revenue earned. b)$8,000 would be reported on the statement of cash flows. c)$8,000 would appear on the balance sheet as rent receivable. d)$5,000 would appear on the balance sheet as prepaid rent. e)$3,000 would appear as unearned rent revenue.
The balance in the prepaid rent account before adjustment at the end of the year is $15,764, which represents 9 months' rent paid on December 1. The adjusting entry required on December 31 is Oa. debit Rent Expense, $1,752; credit Prepaid Rent, $1,752 Ob. debit Prepaid Rent, $14,012; credit Rent Expense, $1,752 Oc. debit Rent Expense, $14,012; credit Prepaid Rent, $1,752 Od. debit Prepaid Rent, $1,752; credit Rent Expense, $1,752
At the end of the current year, Accounts Receivable has a balance of $565,000, Allowance for Doubtful Accounts has a credit balance of $5,000, and sales for the year total $2,540,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $26,000. a. Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4 c. Determine the net realizable value of accounts receivable.$fill in the blank 5
On 1 January 2019, the company paid OMR 4500 cash as rent expenses for two months. Select one: a. Date Particulars Debit Credit (OMR) (OMR) 1 Jan Prepaid Rent 4500 Cash 4500 O b. Date Particulars Debit Credit (OMR) (OMR) 1 Jan Cash Prepaid rent 43500 4500 c. None of these O d. Date Particulars Debit Credit (OMR) (OMR) 1 Jan Rent 4500 Cash 4500