Homework Answers
Answer is 59,000
Net income is calculated as follows:
Performed services: $75,000
(-) Paid utility expenses: $3,200
(-) Recording of accrued $12,800
salaries
Therefore, net income is: $59,000
Note 1: We have taken accured salaries because it indicates the salaries earned by employees but not paid to them. So, this relates to expense of current year. Adjustment entry to record accrues salary at the end of the year is
Dr. Salaries expense a/c $12,800
Cr. Salaries payable a/c $12,800
Note 2: We have not taken collection from debtors since it is a balance sheet item and collection does not impact profit and loss account.
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