A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar...
A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end.
Alberto, Capital
| 12/31 8,500 | 1/1 6,500 |
| 12/31 15,000 |
Alberto, Drawing
| 6/30 3,500 | 12/31 15,000 |
| 11/30 5,000 |
Net income for the period is
a. $18,500
b. $33,500
c. $13,000
d. $15,000
Please give the steps to answer the question
Homework Answers
Net profit at the end of the year is transferred to capital account by crediting the capital account. On 12/31 $15,000 is credited to capital account. It means $15,000 is the net profit that is credited to capital account.
Option d. $15,000
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A summary of selected ledger accounts appears below for
Alberto's Plumbing Services for the current calendar...
A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar...
A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. 12/31 Alberto, Capital 8,550 1/1 12/31 6,437 13,777 Alberto, Drawing 2,001 12/31 6,549 6/30 11/30 8,550 Net income for the period is Oa. $33,267 Ob. $6,437 Oc. $19,490 Od. $13,777
A summary of selected transactions in ledger accounts appears below for Alberto’s Plumbing Services for the...
A summary of selected transactions in ledger accounts appears below for Alberto’s Plumbing Services for the current calendar year-end. Common Stock 1/1 6,819 Retained Earnings 12/31 7,881 12/31 23,998 Dividends 3/30 2,489 12/31 7,881 9/30 5,392 Net income for the period is a.38,698 b.30,817 c.23,998 d.7,881
v2.cengagenow.com Week 4-2/10 - 2020-Spring: ACCT-2401-P1-Prin.offin. CengageNow Online teaching and learning resource. The Journal Calculator A...
v2.cengagenow.com Week 4-2/10 - 2020-Spring: ACCT-2401-P1-Prin.offin. CengageNow Online teaching and learning resource. The Journal Calculator A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. Common Stock 12/31 8.500 11 12/31 15.000 Retained famings 3.500 12/31 11/30 15,000 income Summary 18.500 12/31 15.000 12/31 Net Income for the period is $13,000 $15,000 $18.500 $33,500 (PT Email Instructor MacBook Pro 2 wa 8 9
Question 2 (10 points) A summary of selected ledger accounts appear below for S. Ball for the current calendar y...
Question 2 (10 points) A summary of selected ledger accounts appear below for S. Ball for the current calendar year Answer questions 1 through 4 based on this information. S. Ball, Capital 1/1 27,000 12/31 4,250 S Ball, Withdrawals 3/31 2,000 10/31 3,000 12/31 6,500 12/31 6,000 12/22 1,000 Income Summary 12/31 17,000 12/31 12,750 12/31 4,250 2.What was the net income? $1000 O$4250 $6500 $2000 SJ OCT 27 Question 5 (6U points) Classify each of the following account types...
a summary of ledger accounts appear below for S. Ball Question 1 (10 points) A summary...
a summary of ledger accounts appear below for S. Ball
Question 1 (10 points) A summary of selected ledger accounts appear below for S. Ball for the current calendar year. Answer questions 1 through 4 based on this information. S. Ball, Capital S Ball, Withdrawals 12/31 6,500 1 1 27,000 3/31 2,000 12/31 6,000 12 31 4.250 10/31 3,000 1.000 1222 Income Summary 12/31 12.750 12/31 17.000 1231 4.250 1. What was the total amount of withdrawals for the year?...
Question 3 (10 points) A summary of selected ledger accounts appear below for S. Ball for...
Question 3 (10 points) A summary of selected ledger accounts appear below for S. Ball for the current calendar year. Answer questions 1 through 4 based on this information. S. Ball, Capital S Ball, Withdrawals 1231 6,500 1 1 27.000 3:31 2.000 1231 6,000 1231 4.250 10 31 3,000 12:22 1.000 Income Summary 1231 12.750 1231 17.000 12/31 4.250 3. What was the total revenue? 50/3 $27,750 $17,000 O $12.750 $10,250
(The following information applies to the questions displayed below.) The general ledger of Pipers Plumbing at...
(The following information applies to the questions displayed below.) The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,000 9,000 3,000 26,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 6,000 4,000 5,000 0 18,000 9,000 $42,000 $ 42,000 The following is a summary of the transactions for the year: 24 Provide plumbing services for cash, $15,000, and on...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Accounts...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Accounts Debits Credits Cash $ 3,750 Accounts Receivable 8,750 Supplies 2,750 Equipment 21,000 Accumulated Depreciation $ 5,000 Accounts Payable 3,000 Utilities Payable 4,000 Deferred Revenue 0 Common Stock 15,500 Retained Earnings 8,750 Totals $ 36,250 $ 36,250 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $12,500, and on account, $57,500. 2. March. 13...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,000 9,000 3,000 26,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 6,000 4,000 5,000 0 18,000 9,000 $42,000 $42,000 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $15,000, and on account, $60,000. 2. March 13 Collect on accounts...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,500 9,500 3,500 36,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings $ 8,000 6,000 7,000 0 23,000 9,500 $53,500 Totals $53,500 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $20,000, and on account, $ 65,000. 2. March 13 Collect on...
A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. 12/31 Alberto, Capital 8,550 1/1 12/31 6,437 13,777 Alberto, Drawing 2,001 12/31 6,549 6/30 11/30 8,550 Net income for the period is Oa. $33,267 Ob. $6,437 Oc. $19,490 Od. $13,777
v2.cengagenow.com Week 4-2/10 - 2020-Spring: ACCT-2401-P1-Prin.offin. CengageNow Online teaching and learning resource. The Journal Calculator A summary of selected ledger accounts appears below for Alberto's Plumbing Services for the current calendar year-end. Common Stock 12/31 8.500 11 12/31 15.000 Retained famings 3.500 12/31 11/30 15,000 income Summary 18.500 12/31 15.000 12/31 Net Income for the period is $13,000 $15,000 $18.500 $33,500 (PT Email Instructor MacBook Pro 2 wa 8 9
Question 2 (10 points) A summary of selected ledger accounts appear below for S. Ball for the current calendar year Answer questions 1 through 4 based on this information. S. Ball, Capital 1/1 27,000 12/31 4,250 S Ball, Withdrawals 3/31 2,000 10/31 3,000 12/31 6,500 12/31 6,000 12/22 1,000 Income Summary 12/31 17,000 12/31 12,750 12/31 4,250 2.What was the net income? $1000 O$4250 $6500 $2000 SJ OCT 27 Question 5 (6U points) Classify each of the following account types...
a summary of ledger accounts appear below for S. Ball
Question 1 (10 points) A summary of selected ledger accounts appear below for S. Ball for the current calendar year. Answer questions 1 through 4 based on this information. S. Ball, Capital S Ball, Withdrawals 12/31 6,500 1 1 27,000 3/31 2,000 12/31 6,000 12 31 4.250 10/31 3,000 1.000 1222 Income Summary 12/31 12.750 12/31 17.000 1231 4.250 1. What was the total amount of withdrawals for the year?...
Question 3 (10 points) A summary of selected ledger accounts appear below for S. Ball for the current calendar year. Answer questions 1 through 4 based on this information. S. Ball, Capital S Ball, Withdrawals 1231 6,500 1 1 27.000 3:31 2.000 1231 6,000 1231 4.250 10 31 3,000 12:22 1.000 Income Summary 1231 12.750 1231 17.000 12/31 4.250 3. What was the total revenue? 50/3 $27,750 $17,000 O $12.750 $10,250
(The following information applies to the questions displayed below.) The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,000 9,000 3,000 26,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 6,000 4,000 5,000 0 18,000 9,000 $42,000 $ 42,000 The following is a summary of the transactions for the year: 24 Provide plumbing services for cash, $15,000, and on...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,000 9,000 3,000 26,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings Totals $ 6,000 4,000 5,000 0 18,000 9,000 $42,000 $42,000 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $15,000, and on account, $60,000. 2. March 13 Collect on accounts...
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: Credits Debits $ 4,500 9,500 3,500 36,000 Accounts Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Accounts Payable Utilities Payable Deferred Revenue Common Stock Retained Earnings $ 8,000 6,000 7,000 0 23,000 9,500 $53,500 Totals $53,500 The following is a summary of the transactions for the year: 1. January 24 Provide plumbing services for cash, $20,000, and on account, $ 65,000. 2. March 13 Collect on...
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