Homework Answers
Net income for the year = Service revenue + Interest revenue - Salaries and wages expense - Depreciation expense - Rent expense
= 2500 + 100 - 800 - 500 - 400
= 900
In the post closing trial balance, the temporary accounts are closed and the net income is transferred to retained earnings
Ending retained earning balance = 1000 + 900 = 1900
Total for credit column = Accumulated depreciation + Account payable + Unearned service revenue + Common stock + Retained earnings
= 2200 + 300 + 200 + 500 + 1900
= 5100
Correct choice E
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Question 17 0.5 pts A company has the following adjusted trial balance: Debit Credit 700 300...
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