Homework Answers
Revenues
Fees Earned = $294,000
Costs
Wages Expense = $130,000
Insurance Expense = $40,000
Rent Expense = $60,000
Miscellaneous Expense = $9,000
Total Costs = $239,000
Net Income = Total Revenue - Total Costs
Net Income = $294,000 - $239,000 =
Net Income = $55,000
Add Answer to:
calculate net income from trial balance
Using the trial balance below, calculate net income for the...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48,000 18,000 6,000 57,000 18,000 6,000 57,000 18,000 18,000 25,000 25,000 6,000 6,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 30,000 30,000 3,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15.000...
Problem 1 N&G Co. and outfitter store prepared the following unad ter store prepared the following unadiusted t...
Problem 1 N&G Co. and outfitter store prepared the following unad ter store prepared the following unadiusted trial balance at the end of its first year of operations: Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Fees S.G., Capital S.G., Drawing Fees earned Wages Expense Rent Expense Utilities Expense Miscellaneous Expense Unadjusted Trial Balance Debit Credit 50,000 15,000 10,000 100,000 20,000 25,000 35,000 10,000 250,000 80,000 40,000 20,000 5,000 330,000 330,000 For preparing the adjusting entries, the following data were...
Use the adjusted trial balance for Stockton Company below to answer the question that follow. Stockton...
Use the adjusted trial balance for Stockton Company below to answer the question that follow. Stockton Company Adjusted Trial Balance December 31 Cash 6,000 Accounts Receivable 2,100 Prepaid Expenses 1,000 Supplies 500 Equipment 150,000 Accumulated Depreciation 15,000 Accounts Payable 6,200 Unearned Fees 4,000 Notes Payable 14,000 Bob Steely, Capital 19,000 Bob Steely, Withdrawals 8,000 Fees Earned 154,900 Wages Expense 25,000 Rent Expense 12,000 Utilities Expense 3,400 Depreciation Expense 5,000 Miscellaneous Expense 100 Totals 213,100 213,100 In the space below, calculate:...
Use the adjusted trial balance for Stockton Company below to answer the questions that follow- Stockton...
Use the adjusted trial balance for Stockton Company below to answer the questions that follow- Stockton Company Adjusted Trial Balance December 31 7,530 2,100 700 13,700 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 1,100 1,900 4,300 1,000 12,940 790) 9,250 2,500 1,960 775 250 185 30,490 30.490 6. Determine the net income (loss) for the period. a....
The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December...
The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial Balance December 31 Cash 5,765 Accounts Receivable 2,829 Prepaid Expenses 744 Equipment 15,548 Accumulated Depreciation 6,376 Accounts Payable 1,565 Notes Payable 4,189 Common Stock 1,000 Retained Earnings 7,695 Dividends 815 Fees Earned 8,543 Wages Expense 2,243 Rent Expense 702 Utilities Expense 478 Depreciation Expense 185 Miscellaneous Expense 59 Totals 29,368 29,368 Determine the net income (loss) for the period. a.Net income $4,061 b.Net loss $4,061 c.Net...
EX 4-5 Income statement The following account balances were taken from the adjusted trial balance for...
EX 4-5 Income statement The following account balances were taken from the adjusted trial balance for Laser Mes- OBJ. 2 senger Service, a delivery service firm, for the fiscal year ended April 30, 2019: Depreciation Expense $ 8,650 Rent Expense $ 60,000 Fees Earned 674,000 Salaries Expense 336,900 Insurance Expense 1,500 Supplies Expense 4,100 Miscellaneous Expense 3,650 Utilities Expense 41,200 Prepare an income statement. EX 4.6 Income statement; net loss OBJ. 2 The following revenue and expense account balances were...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
1. Use the information in the adjusted trial balance below to prepare (a) the income statement...
1. Use the information in the adjusted trial balance below to prepare (a) the income statement (IS tab) for the year ended December 31; (b) the statement of owner's eqity (SOE tab) for the year ended December 31 [Note: Crowder capital at December 31 of the prior year was $255,000]; and (c) the balance sheet (BS tab) as of December 31. 2. Compute the profit margin for the year (profit margin tab) (use total revenues as the denominator). The adjusted...
For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit...
For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 8,004 8,004 Dividends 1,000 1,000 Fees Earned 44,669 44,669 Wages Expense 21,425 21,425 Rent Expense 6,067 6,067 Depreciation Expense 4,181 4,181 Totals 75,673 75,673 31,673 44,669 44,000 31,004...
Use the adjusted trial balance for Stockton Company below to answer the questions that follow. Stockton...
Use the adjusted trial balance for Stockton Company below to answer the questions that follow. Stockton Company Adjusted Trial Balance December 31 7,530 2,100 700 13,700 1,100 1,900 4,300 1,000 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 12,9401 790 9,250 2,500 1.960 775 2501 185 30,490 30,490 14. Determine the net income (loss) for the period. a....
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Income Statement Balance Sheet Adjusted Trial Balance Debit Credit 48,000 Debit Credit Credit Debit 48,000 18,000 6,000 57,000 18,000 6,000 57,000 18,000 18,000 25,000 25,000 6,000 6,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 30,000 30,000 3,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15.000...
Problem 1 N&G Co. and outfitter store prepared the following unad ter store prepared the following unadiusted trial balance at the end of its first year of operations: Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Fees S.G., Capital S.G., Drawing Fees earned Wages Expense Rent Expense Utilities Expense Miscellaneous Expense Unadjusted Trial Balance Debit Credit 50,000 15,000 10,000 100,000 20,000 25,000 35,000 10,000 250,000 80,000 40,000 20,000 5,000 330,000 330,000 For preparing the adjusting entries, the following data were...
Use the adjusted trial balance for Stockton Company below to answer the questions that follow- Stockton Company Adjusted Trial Balance December 31 7,530 2,100 700 13,700 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 1,100 1,900 4,300 1,000 12,940 790) 9,250 2,500 1,960 775 250 185 30,490 30.490 6. Determine the net income (loss) for the period. a....
EX 4-5 Income statement The following account balances were taken from the adjusted trial balance for Laser Mes- OBJ. 2 senger Service, a delivery service firm, for the fiscal year ended April 30, 2019: Depreciation Expense $ 8,650 Rent Expense $ 60,000 Fees Earned 674,000 Salaries Expense 336,900 Insurance Expense 1,500 Supplies Expense 4,100 Miscellaneous Expense 3,650 Utilities Expense 41,200 Prepare an income statement. EX 4.6 Income statement; net loss OBJ. 2 The following revenue and expense account balances were...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
Use the adjusted trial balance for Stockton Company below to answer the questions that follow. Stockton Company Adjusted Trial Balance December 31 7,530 2,100 700 13,700 1,100 1,900 4,300 1,000 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 12,9401 790 9,250 2,500 1.960 775 2501 185 30,490 30,490 14. Determine the net income (loss) for the period. a....
Most questions answered within 3 hours.
-
In C++ Programming, Try using loops only.
This lab demonstrates the use of the While Loop...
asked 13 minutes ago -
Effect of DCMU and sodium azide on Chlamydomonas? We did an
experiment where we had Chlamydomonas...
asked 52 minutes ago -
1a) According to the ideal gas law, _______________.
a. a gas has infinite volume at absolute...
asked 2 hours ago -
Oakdale Fashions, Inc. had $245,000 in 2018 taxable income.
Using the tax schedule in Table 2.3...
asked 2 hours ago -
The marketing class at CSUS had an average score of 150. An
educational analyst determined that...
asked 4 hours ago -
Justin Case has purchased a $250 000 home by putting 20 % down
and taking out...
asked 4 hours ago -
1. In a labor market, marginal cost for a firm is
____________.
a. recruiting cost
b....
asked 4 hours ago -
On January 1, 2019, ABC Company issued $60,000,000 of 20-year,
10.5% bonds when the market rate...
asked 5 hours ago -
39.4% of US homes continue to use a landline in addition to cell
phone service. 3...
asked 5 hours ago -
Starting with benzene, synthesize 1-phenyl-1-butyne.
Show intermediates and reagents.
asked 6 hours ago -
Create a 32-run crossed array design with six control factors
and two noise factors such that...
asked 7 hours ago -
A 500g sample of sand from source A has the following amounts
retained on each sieve....
asked 7 hours ago