Before any month-end adjustments are made, the net income of Bennett Company is $75,700. The following...
Before any month-end adjustments are made, the net income of Bennett Company is $75,700. The following adjustments are necessary: office supplies used, $3,130; services performed for clients but not yet recorded or collected, $3,610; interest accrued on note payable to bank, $3,010. After adjusting entries are made for the items listed above, Bennett Company's net income will be:
Homework Answers
| Before Adjustment net income | 75,700.00 |
| Office Supplies Expense | - 3,130.00 |
| Service Revenue | 3,610.00 |
| Interest Expense | - 3,010.00 |
| Net income After Adjustment | 73,170.00 |
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Before any month-end adjustments are made, the net income of
Bennett Company is $75,700. The following...
Before any month-end adjustments are made, the net income of Bennett Company is $76,900. The following...
Before any month-end adjustments are made, the net income of Bennett Company is $76,900. The following adjustments are necessary office supplies used, $3,250, services performed for clients but not yet recorded or collected, $3,730; interest accrued on note payable to bank, $3,130. After adjusting entries are made for the items listed above, Bennett Company's net income will be Multiple Choice Оооо
Current Aprogress -15 Before month-end adjustments are made, the February 28 trial balance of Neutral Milk...
Current Aprogress -15 Before month-end adjustments are made, the February 28 trial balance of Neutral Milk Hotel contains revenue of $7.000 and expenses of $4,400. Adjustments are necessary for the following items: Depreciation for February is $1,800. Revenue recognized but not yet billed is $2,700. Accrued interest expense is $700. Revenue collected in advance that is now recognized is $2,500. Portion of prepaid insurance expired during February is $400. Calculate the correct net income for Neutral Milk Hotel's Income Statement...
The following is an unadjusted trial balance (before any adjustments have been made) for Garcia, Inc....
The following is an unadjusted trial balance (before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Account Titles Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 3,000 Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional Paid-in-Capital Retained Earnings Service Revenue Remaining Expenses Income Tax Expense Totals 17,000 400 19,000 6,000 61,360...
ACC2000 ESP Company Computer Assignment Adjusting Entries Background: The Company was formed 2 years ago and...
ACC2000 ESP Company Computer Assignment Adjusting Entries Background: The Company was formed 2 years ago and provides web design services for small businesses. The company has a December 31st year-end. The last time that adjusting entries were made was December 31, 2017. The trial balance for the year-ended December 31, 2018 was prepared. You are the accountant and you have made the following observations that require year-end adjustments. In the space provided, prepare the necessary adjusting journal entries. 1. The...
5. d. $5,120 Toole Company had the following transactions during 2020: Sales of $4,200 on account...
5. d. $5,120 Toole Company had the following transactions during 2020: Sales of $4,200 on account Collected $2,600 for services to be performed in 2021 Paid $1,630 cash in salaries Purchased airline tickets for $450 in December for a trip to take place in 2021 What is Toole's 2020 net income using cash basis accounting? a $520. b. $970 c. $4,720. d. $5,170 Adjusting entries are required a because some costs expire with the passage of time and have not...
18. The balance in Hope Corporation's retained earnings account at 6/1/2017 was $300,000. June net income...
18. The balance in Hope Corporation's retained earnings account at 6/1/2017 was $300,000. June net income was $80,000 BEFORE considering the following items: o Depreciation for the month of June was $2,000. o Interest income of $100 was earned during June. The interest will be collected from the bank in July o Purchased supplies at the beginning of June at a cost of $800. The supplies were expensed at the time of purchase but the supplies were not used until...
The ledger of Walters Company includes the following unadjusted balances: Prepaid Insurance $3,000, Service Revenue $60,000,...
The ledger of Walters Company includes the following unadjusted
balances: Prepaid Insurance $3,000, Service Revenue $60,000, and
Salaries and Wages Expense $25,000. Adjusting entries are required
for (a) expired insurance $1,800, (b) services performed $1,100 are
billed and not yet collected, and (c) accrued salaries payable
$900.
The ledger of Walters Company includes the following unadjusted balances: Prepaid Insurance $3,000, Service Revenue $60,000, and Salaries and Wages Expense $25,000. Adjusting entries are required for (a) expired insurance $1,800, (b) services...
Sweeney & Allen, a large marketing firm, adjusts its accounts at the end of each month....
Sweeney & Allen, a large marketing firm, adjusts its accounts at the end of each month. The following information is available for the year ending December 31. A bank loan had been obtained on December 1. Accrued interest on the loan at December 31 amounts to $1,310. No interest expense has yet been recorded. Depreciation of the firm’s office building is based on an estimated life of 30 years. The building was purchased four years ago for $310,000. Accrued, but...
In-Class Case #4 Chapter 4 the following is an unadjusted trial balance before any adjustments have...
In-Class Case #4 Chapter 4 the following is an unadjusted trial balance before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 3,000 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional Paid-in-Capital Retained Earnings Service Revenue Remaining Expenses Income Tax Expense Totals...
In-Class Case #4 Chapter 4 the following is an unadjusted trial balance before any adjustments have...
In-Class Case #4 Chapter 4 the following is an unadjusted trial balance before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 3,000 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional Paid-in-Capital Retained Earnings Service Revenue Remaining Expenses Income Tax Expense Totals...
Before any month-end adjustments are made, the net income of Bennett Company is $76,900. The following adjustments are necessary office supplies used, $3,250, services performed for clients but not yet recorded or collected, $3,730; interest accrued on note payable to bank, $3,130. After adjusting entries are made for the items listed above, Bennett Company's net income will be Multiple Choice Оооо
Current Aprogress -15 Before month-end adjustments are made, the February 28 trial balance of Neutral Milk Hotel contains revenue of $7.000 and expenses of $4,400. Adjustments are necessary for the following items: Depreciation for February is $1,800. Revenue recognized but not yet billed is $2,700. Accrued interest expense is $700. Revenue collected in advance that is now recognized is $2,500. Portion of prepaid insurance expired during February is $400. Calculate the correct net income for Neutral Milk Hotel's Income Statement...
The following is an unadjusted trial balance (before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Account Titles Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 3,000 Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional Paid-in-Capital Retained Earnings Service Revenue Remaining Expenses Income Tax Expense Totals 17,000 400 19,000 6,000 61,360...
5. d. $5,120 Toole Company had the following transactions during 2020: Sales of $4,200 on account Collected $2,600 for services to be performed in 2021 Paid $1,630 cash in salaries Purchased airline tickets for $450 in December for a trip to take place in 2021 What is Toole's 2020 net income using cash basis accounting? a $520. b. $970 c. $4,720. d. $5,170 Adjusting entries are required a because some costs expire with the passage of time and have not...
18. The balance in Hope Corporation's retained earnings account at 6/1/2017 was $300,000. June net income was $80,000 BEFORE considering the following items: o Depreciation for the month of June was $2,000. o Interest income of $100 was earned during June. The interest will be collected from the bank in July o Purchased supplies at the beginning of June at a cost of $800. The supplies were expensed at the time of purchase but the supplies were not used until...
The ledger of Walters Company includes the following unadjusted
balances: Prepaid Insurance $3,000, Service Revenue $60,000, and
Salaries and Wages Expense $25,000. Adjusting entries are required
for (a) expired insurance $1,800, (b) services performed $1,100 are
billed and not yet collected, and (c) accrued salaries payable
$900.
The ledger of Walters Company includes the following unadjusted balances: Prepaid Insurance $3,000, Service Revenue $60,000, and Salaries and Wages Expense $25,000. Adjusting entries are required for (a) expired insurance $1,800, (b) services...
In-Class Case #4 Chapter 4 the following is an unadjusted trial balance before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 3,000 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional Paid-in-Capital Retained Earnings Service Revenue Remaining Expenses Income Tax Expense Totals...
In-Class Case #4 Chapter 4 the following is an unadjusted trial balance before any adjustments have been made) for Garcia, Inc. at December 31 of the current year: Debit Credit 42,000 11,600 900 800 19,000 9,200 8,300 3,000 Account Titles Cash Accounts Receivable Supplies Prepaid Insurance Service Vehicles Accumulated Depreciation Other Assets Accounts Payable Wages Payable Income Taxes Payable Note Payable (3 years) Common Stock (5,000 shares outstanding) Additional Paid-in-Capital Retained Earnings Service Revenue Remaining Expenses Income Tax Expense Totals...
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