Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title Debit Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000 Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting equation: Assets = Liabilities + Owner’s Equity + (Rev. – Exp.). The accounts are NOT listed alphabetically Group of answer choices On the Statement of Owner's Equity for Elliptical Consulting, Jayson Neese's capital account has a balance of $82,200 as the first number on the Statement of Owner's Equity. What amount does this represent? Group of answer choices the beginning balance in Neese's capital account (owner's equity or net worth) before any increases or decrease to the capital account for the accounting period are added or subtracted the amount of profit Elliptical Consulting made for the year the amount of revenue earned for the year the ending balance in Neese's capital account (owner's equity or net worth)
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title Debit Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000 Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting equation: Assets = Liabilities + Owner’s Equity + (Rev. – Exp.). The accounts are NOT listed alphabetically Group of answer choices On the Statement of Owner's Equity for Elliptical Consulting, Jayson Neese's capital account has a balance of $82,200 as the first number on the Statement of Owner's Equity. What amount does this represent? Group of answer choices the beginning balance in Neese's capital account (owner's equity or net worth) before any increases or decrease to the capital account for the accounting period are added or subtracted the amount of profit Elliptical Consulting made for the year the amount of revenue earned for the year the ending balance in Neese's capital account (owner's equity or net worth)
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.) For Question 36, how much revenue should be recorded on the Income Statement? Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title Debit Credit Cash 27,000 Accounts Receivable 53,500 Supplies 900 Office Equipment 30,500 Accumulated Depreciation – Office Equipment 6,000 Accounts Payable 3,300 Salaries Payable 375 Jayson Neese, Capital 82,200 Jayson Neese, Drawing 2,000 Fees Earned 60,000 Salary Expense 32,375 Supplies Expense 2,100 Depreciation Expense 1,500 Miscellaneous Expense 2,000 Totals 151,875 151,875 Notice that the accounts are listed in order of the accounting equation: Assets = Liabilities + Owner’s Equity + (Rev. – Exp.). The accounts are NOT listed alphabetically Group of answer choices On the Statement of Owner's Equity for Elliptical Consulting, Jayson Neese's capital account has a balance of $82,200 as the first number on the Statement of Owner's Equity. What amount does this represent? Group of answer choices the beginning balance in Neese's capital account (owner's equity or net worth) before any increases or decrease to the capital account for the accounting period are added or subtracted the amount of profit Elliptical Consulting made for the year the amount of revenue earned for the year the ending balance in Neese's capital account (owner's equity or net worth)
Use the information from the Adjusted Trial Balance and Financial Statement templates provided in the module under Test 2 information you completed to answer questions 36 - 50. (Also copied below.)
For Question 36, how much revenue should be recorded on the Income Statement?
Elliptical Consulting
Adjusted Trial Balance
For the Year Ended June 30, 2019
Account Title
Debit
Credit
Cash
27,000
Accounts Receivable
53,500
Supplies
900
Office Equipment
30,500
Accumulated Depreciation – Office Equipment
6,000
Accounts Payable
3,300
Salaries Payable
375
Jayson Neese, Capital
82,200
Jayson Neese, Drawing
2,000
Fees Earned
60,000
Salary Expense
32,375
Supplies Expense
2,100
Depreciation Expense
1,500
Miscellaneous Expense
2,000
Totals
151,875
151,875
Notice that the accounts are listed in order of the accounting equation:
On the Statement of Owner's Equity for Elliptical Consulting, Jayson Neese's capital account has a balance of $82,200 as the first number on the Statement of Owner's Equity. What amount does this represent?
Group of answer choices
the beginning balance in Neese's capital account (owner's equity or net worth) before any increases or decrease to the capital account for the accounting period are added or subtracted
the amount of profit Elliptical Consulting made for the year
the amount of revenue earned for the year
the ending balance in Neese's capital account (owner's equity or net worth)
Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video
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