The following pre-closing accounts and balances were drawn from the records of Carolina Company on December...

Question

Question

The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Answer

Net Income = Revenue - Expense

= 1,100 - 700

= $400

$400 Net Income will be shown on Carolina's Year 1 income statement

$400 is the correct option

Add a comment

Answer 2

Similar Homework Help Questions

16 The following pre-closing accounts and balances were drawn from the records of Carolina Company on...

16 The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash Dividends Land Accounts payable $4,000 $2,000 $3,200 $1,800 Accounts receivable Common stock Revenue Expense $3,400 $3,900 $3,200 $2,200 Ask Print The amount of net income shown on Carolina's Year 1 income statement would amount to: Multiple Choice $2,200. $3,200. $1,000 $200
The following pre-closing accounts and balances were drawn from the records of Carolina Company on December...

The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 2: Cash Dividends Land Accounts payable $ 4,000 Accounts receivable 2,000 Common stock 3,200 Revenue 1,800 Expense $ 3,400 3,900 3,200 2,200 What is the amount of retained earnings that will be shown on the balance sheet at December 31, Year 2? Multiple Choice O $5,900 O $7,200 O O $3,900 O $4,900
uiz Saved Help Save & Exit The following pre-closing accounts and balances were drawn from the...

uiz Saved Help Save & Exit The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash Dividends Land Accounts payable $4,000 $2,000 $3,200 $1,800 Accounts receivable Common stock Revenue Expense $3,400 $3,900 $3,200 $2,200 Total assets on Carolina's December 31, Year 1 balance sheet would amount to: Multiple Choice $12,600 $13,800 $7.200. $10,600

10 The following accounts and balances were drawn from the records of Carolina Company on December...

10 The following accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash Dividends Land Accounts payable $ 4,000 $ 2,000 $ 3,200 $ 1,800 Accounts receivable Common stock Revenue Expense $ 3,400 $ 3.900 $ 3,200 $ 2,200 Total assets on Carolina's December 31. Year 1 balance sheet would amount to: I Edit Insert Format Tools Table 12pt Paragraph в I o Av т?,
The following accounts and balances were drawn from the records of Carolina Compon Dan Cash Dividends...

The following accounts and balances were drawn from the records of Carolina Compon Dan Cash Dividends Land Accounts payable $ 4,000 $ 2.000 $ 3.200 $ 1.800 Accounts receivable Common stock Revenue Expense $ 3.400 $ 3,900 $ 3.200 $ 2.200 The amount of Carolina's retained earnings after closing on December 31, Year 1 was: Edit Insert Format Tools Table 12pt Paragraph BI U ALTO
The following accounts and balances were drawn from the records Your Company. What is the total...

The following accounts and balances were drawn from the records Your Company. What is the total for assets? Cash $800 Accounts Receivable $900 Dividends $150 Common Stock $1,200 Land $700 Revenue $600 Accounts Payable $1,000 Expense $250

The following accounts and balances were drawn from the records of Hoover Company on December 31,...

The following accounts and balances were drawn from the records of Hoover Company on December 31, 2013 Cash $1,150 $2200 Accounts Receivable 1.100 Common Stock 1,400 Revenue 750 | Expense Dividends Land Accounts Payable 1,575 1.400 850 The amount of retained earnings as of January 1, 2014 was. Multiple Choice $2.975 $2.425
The following accounts and balances were drawn from the records of Hoover Company on December 31,...

The following accounts and balances were drawn from the records of Hoover Company on December 31, 2019. Cash $ 500 Accounts Receivable $ 900 Dividends $ 300 Common Stock $1,950 Land $1,000 Revenue $ 800 Accounts Payable $ 450 Expense $ 250 Total assets on the December 31, 2019 Balance sheet would be: a. $2,300 b. $2,400 c. $1,950 d. $1,500
< Question 4 (of 50) The following accounts and balances were drawn from the records of...

< Question 4 (of 50) The following accounts and balances were drawn from the records of Hoover Compa on December 31, 20 Cash Dividends Land Accounts Payable $1,400 700 1,000 550 Accounts Receivable Common Stock Revenue Expense $950 175 1000 650 Total assets on the December 31, 2013 balance sheet would amount to: $4,050 $3,350 O $2,400 $4,350 MacBook Air 802 ģ

solve for net income, liablilities , assets, retained earnings 10 The following accounts and balances were...

solve for net income, liablilities , assets, retained earnings 10 The following accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash Dividends Land Accounts payable $ 4,000 $ 2,000 $ 3,200 $ 1,800 Accounts receivable Common stock Revenue Expense $ 3,400 $ 3,900 $ 3,200 $ 2,200 Total assets on Carolina's December 31. Year 1 balance sheet would amount to: 1 Edit Insert Format Tools Table 12pt Paragraph В І од е...

The following pre-closing accounts and balances were drawn from the records of Carolina Company on December...

Homework Answers