Homework Answers
Unadjusted Net Income = $5500
Less : Expenses
Salaries = ($650)
Interest = ($80)
Supplies used = ($300)
Add : Unearned revenue that has been esrned = $ 700
Adjusted Net Income = $ 5170
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Q3-56 (similar to) Unadjusted net income equals $9,500. Calculate what net income will be after the following adjustments: 1. Salaries payable to employees, $600 2. Interest due on note payable at the bank, $110 3. Unearned revenue that has been earned, $1,000 4. Supplies used, $225 $ Adjusted net income amounts to
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E3-25 (similar to) Ques The unadjusted trial balance for Maid Up Company, a cleaning service, is as follows: (Click the icon to view the unadjusted trial balance.) During the 12 months ended December 31, 2018, Maid Up completed the following transactions: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Journalize the adjusting entries using the letter and December 31 date in the date column. (Record debits first, then credits. Select the explanation on the last line...
Requirement 2. The accounts listed in the
unadjusted trial balance, together with their unadjusted balances
as of
December 31, 2018 have been opened for you in T-account form.
Post the adjusting entries to T-accounts using the adjustment
letters (a, b, c, etc.) as posting references. Determine the
ending balances for all T-accounts (including any that may not be
affected by any of the adjusting entries) on December 31,
2018.
Calculate each accounts balance and enter the balance, along
with a...
It is saying my net income before and after adjustments are both
wrong for the last picture, but is saying my stuff is correct every
where else.
GLO302 - Based on Problem 3-3A LO P1, P2, P3, P4, P5, P6 K. Perry (Withdrawals), a school owned by Kathy Perry, provides training to individuals who pay tuition directly to the school. Withdrawals also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2018, is found...
The following data are taken from the unadjusted trial balance
of the Westcott Company at December 31. Complete the work sheet
following adjustment. Complete the Adjusted Trial Balance columns
of the work sheet. (Enter their balances in the correct Debit or
Credit column of the Unadjusted Trial Balance columns.)
Use the following adjustment information to complete the
Adjustments columns of the work sheet.
Depreciation on equipment,
$9
Accrued salaries, $13
The $29 of unearned revenue has been earned
Supplies available...
The income statement of Gopitkumar Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utities Expense $600. In reviewing the statement, you discover the following. 1. 2. 3. 4. 5. Insurance expered during July of $400 was omitted Supplies expense includes $250 of supplies that are still on hand at July 31. Depreciation on equipment of $150 was omitted. Accrued but unpaid salaries and...
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