Homework Answers
Solution 1:-
Net Income for the year = Total income - Total expenses
= Fee earned - Wages expenses - Rent expenses - Utilities Expenses - Depreciation expenses - Miscellaneous expenses
=$8202 -$2543 -$798 -$458 -$182 -$105
=$4116 Net income (Option D is correct)
Solution 2:-
Total liabilities for the period = Accounts payable + Note payables = $ 1530 + $4493 =$6023 (Option D is correct)
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Calculator December 31 6,255 2,779 633 14,739 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts...
Calculator Cash 5,996 Accounts Receivable 2,944 752 14,901 Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes...
Calculator Cash 5,996 Accounts Receivable 2,944 752 14,901 Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable 11,251 1,559 Common Stock Retained Earnings Dividends 5,565 1,000 2,477 7,860 2,981 Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense 729 420 184 101 Totals 29,712 29,712 Determine the total assets.
Calculator Adjusted Trial Balance December 31 Cash 6,901 Accounts Receivable 2,109 668 Prepaid Expenses Equipment Accumulated...
Calculator Adjusted Trial Balance December 31 Cash 6,901 Accounts Receivable 2,109 668 Prepaid Expenses Equipment Accumulated Depreciation 14,901 2,329 1,426 Accounts Payable Notes Payable 5,050 Common Stock 1,000 Retained Earnings 13,181 Dividends 899 Fees Earned 6,903 Wages Expense 2,865 Rent Expense 730 Utilities Expense 500 Depreciation Expense 203 Miscellaneous Expense 113 Totals 29,889 29,889 Determine the total assets. O
Calculator Accounts Receivable 2,697 Prepaid Expenses 696 15,401 Equipment Accumulated Depreciation Accounts Payable 5,228 1,637 4,086...
Calculator Accounts Receivable 2,697 Prepaid Expenses 696 15,401 Equipment Accumulated Depreciation Accounts Payable 5,228 1,637 4,086 Notes Payable Common Stock 1,000 Retained Earnings 10,955 Dividends 878 Fees Earned 8,091 Wages Expense 3,150 857 Rent Expense Utilities Expense 354 Depreciation Expense Miscellaneous Expense Totals 30,997 30,997 Determine the net income (loss) for the period. Net income $2,553 Net loss $2,553 Net loss $3,431 Net Income $3,431
December 31 Cash 6,224 Accounts Receivable 2,435 Prepaid Expenses 694 14,493 Equipment Accumulated Depreciation 3,806 Accounts...
December 31 Cash 6,224 Accounts Receivable 2,435 Prepaid Expenses 694 14,493 Equipment Accumulated Depreciation 3,806 Accounts Payable 1,606 Notes Payable 4,908 Common Stock 1,000 Retained Earnings 10,891 828 Dividends Fees Earned 6,700 Wages Expense 2,701 Rent Expense 761 Utilities Expense Depreciation Expense Miscellaneous Expense 443 219 113 Totals 28,911 28,911 Determine the current assets. Oa. $20,040 Ob. $28,911 c. $11,891 d. $9,353
December 31 Cash 5,703 Accounts Receivable 2,315 Prepaid Expenses 765 Equipment 15,560 Accumulated Depreciation 1,846 Accounts...
December 31 Cash 5,703 Accounts Receivable 2,315 Prepaid Expenses 765 Equipment 15,560 Accumulated Depreciation 1,846 Accounts Payable 1,670 Notes Payable 4,135 Common Stock 1,000 Retained Earnings 13,418 Dividends 608 Fees Earned 6,931 Wages Expense 2,684 Rent Expense 729 Utilities Expense 387 170 Depreciation Expense Miscellaneous Expense 79 Totals 29,000 29,000 Determine the total assets. Oa. $29,000 Ob. $14,418 Oc. $24,343 Od. $22,497
Stockton Company Adjusted Trial Balance December 31 Cash 5,486 Accounts Receivable 2,180 612 Prepaid Expenses Equipment...
Stockton Company Adjusted Trial Balance December 31 Cash 5,486 Accounts Receivable 2,180 612 Prepaid Expenses Equipment 15,311 Accumulated Depreciation 2,423 Accounts Payable 1,482 4,334 1,000 12,606 940 Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense 7,302 3,115 815 435 199 54 Totals 29,147 29,147 Determine the total liabilities for the period. $8,239
Stockton Company Adjusted Trial Balance December 31 Cash 6,373 Accounts Receivable 2,824 Prepaid Expenses 727 Equipment...
Stockton Company Adjusted Trial Balance December 31 Cash 6,373 Accounts Receivable 2,824 Prepaid Expenses 727 Equipment 13,608 Accumulated Depreciation 4,676 Accounts Payable 1,412 Notes Payable 5,081 Common Stock 1,000 Retained Earnings 10,166 Dividends 872 Fees Earned 6,130 Wages Expense 2,642 Rent Expense 755 Utilities Expense 390 Depreciation Expense 182 Miscellaneous Expense 92 Totals 28,465 28,465 Determine the retained earnings ending balance. a.$11,166 b.$2,069 c.$11,363 d.$28,465
Stockton Company Adjusted Trial Balance December 31 Cash 5,847 Accounts Receivable 2,572 Prepaid Expenses 703 Equipment...
Stockton Company Adjusted Trial Balance December 31 Cash 5,847 Accounts Receivable 2,572 Prepaid Expenses 703 Equipment 13,888 Accumulated Depreciation 8,034 Accounts Payable 1,792 Notes Payable 4,726 Common Stock 1,000 Retained Earnings 3,608 Dividends 764 Fees Earned 8,471 Wages Expense 2,378 814 Rent Expense Utilities Expense 431 Depreciation Expense 157 Miscellaneous Expense 77 Totals 27,631 27,631 Determine the retained earnings ending balance. $7,458 $4,608 $27,631 $4,614
Cash 5,712 Accounts Receivable 2,180 658 Prepaid Expenses Equipment 15,080 Accumulated Depreciation 2,866 Accounts Payable 1,433...
Cash 5,712 Accounts Receivable 2,180 658 Prepaid Expenses Equipment 15,080 Accumulated Depreciation 2,866 Accounts Payable 1,433 5,340 Notes Payable Common Stock 1,000 Retained Earnings 11,364 Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense ON HO IN LON - Totals 28,342 INT 28,342 Determine the net income Class) for the period nh 12:40 AM
Cash 5,712 2,180 Accounts Receivable 658 Prepaid Expenses Equipment Accumulated Depreciation 15,080 2,866 Accounts Payable 1,433...
Cash 5,712 2,180 Accounts Receivable 658 Prepaid Expenses Equipment Accumulated Depreciation 15,080 2,866 Accounts Payable 1,433 Notes Payable 5,340 1,000 Common Stock Retained Earnings 11,364 Dividends 740 6,339 Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense 2,512 761 460 173 66 28,342 Totals 28,342 Determine the net income (loss) for the period. e 9 @ 12:30 AM 640 un
Calculator Cash 5,996 Accounts Receivable 2,944 752 14,901 Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable 11,251 1,559 Common Stock Retained Earnings Dividends 5,565 1,000 2,477 7,860 2,981 Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense 729 420 184 101 Totals 29,712 29,712 Determine the total assets.
Calculator Adjusted Trial Balance December 31 Cash 6,901 Accounts Receivable 2,109 668 Prepaid Expenses Equipment Accumulated Depreciation 14,901 2,329 1,426 Accounts Payable Notes Payable 5,050 Common Stock 1,000 Retained Earnings 13,181 Dividends 899 Fees Earned 6,903 Wages Expense 2,865 Rent Expense 730 Utilities Expense 500 Depreciation Expense 203 Miscellaneous Expense 113 Totals 29,889 29,889 Determine the total assets. O
Calculator Accounts Receivable 2,697 Prepaid Expenses 696 15,401 Equipment Accumulated Depreciation Accounts Payable 5,228 1,637 4,086 Notes Payable Common Stock 1,000 Retained Earnings 10,955 Dividends 878 Fees Earned 8,091 Wages Expense 3,150 857 Rent Expense Utilities Expense 354 Depreciation Expense Miscellaneous Expense Totals 30,997 30,997 Determine the net income (loss) for the period. Net income $2,553 Net loss $2,553 Net loss $3,431 Net Income $3,431
December 31 Cash 6,224 Accounts Receivable 2,435 Prepaid Expenses 694 14,493 Equipment Accumulated Depreciation 3,806 Accounts Payable 1,606 Notes Payable 4,908 Common Stock 1,000 Retained Earnings 10,891 828 Dividends Fees Earned 6,700 Wages Expense 2,701 Rent Expense 761 Utilities Expense Depreciation Expense Miscellaneous Expense 443 219 113 Totals 28,911 28,911 Determine the current assets. Oa. $20,040 Ob. $28,911 c. $11,891 d. $9,353
December 31 Cash 5,703 Accounts Receivable 2,315 Prepaid Expenses 765 Equipment 15,560 Accumulated Depreciation 1,846 Accounts Payable 1,670 Notes Payable 4,135 Common Stock 1,000 Retained Earnings 13,418 Dividends 608 Fees Earned 6,931 Wages Expense 2,684 Rent Expense 729 Utilities Expense 387 170 Depreciation Expense Miscellaneous Expense 79 Totals 29,000 29,000 Determine the total assets. Oa. $29,000 Ob. $14,418 Oc. $24,343 Od. $22,497
Stockton Company Adjusted Trial Balance December 31 Cash 5,486 Accounts Receivable 2,180 612 Prepaid Expenses Equipment 15,311 Accumulated Depreciation 2,423 Accounts Payable 1,482 4,334 1,000 12,606 940 Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense 7,302 3,115 815 435 199 54 Totals 29,147 29,147 Determine the total liabilities for the period. $8,239
Stockton Company Adjusted Trial Balance December 31 Cash 5,847 Accounts Receivable 2,572 Prepaid Expenses 703 Equipment 13,888 Accumulated Depreciation 8,034 Accounts Payable 1,792 Notes Payable 4,726 Common Stock 1,000 Retained Earnings 3,608 Dividends 764 Fees Earned 8,471 Wages Expense 2,378 814 Rent Expense Utilities Expense 431 Depreciation Expense 157 Miscellaneous Expense 77 Totals 27,631 27,631 Determine the retained earnings ending balance. $7,458 $4,608 $27,631 $4,614
Cash 5,712 Accounts Receivable 2,180 658 Prepaid Expenses Equipment 15,080 Accumulated Depreciation 2,866 Accounts Payable 1,433 5,340 Notes Payable Common Stock 1,000 Retained Earnings 11,364 Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense ON HO IN LON - Totals 28,342 INT 28,342 Determine the net income Class) for the period nh 12:40 AM
Cash 5,712 2,180 Accounts Receivable 658 Prepaid Expenses Equipment Accumulated Depreciation 15,080 2,866 Accounts Payable 1,433 Notes Payable 5,340 1,000 Common Stock Retained Earnings 11,364 Dividends 740 6,339 Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense 2,512 761 460 173 66 28,342 Totals 28,342 Determine the net income (loss) for the period. e 9 @ 12:30 AM 640 un
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