The following account balances were taken from DJR Company’s accounting records at December 31, 2021: Accounts...

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The following account balances were taken from DJR Companys accounting records at December 31, 2021: Accounts Payable Accoun

The following account balances were taken from DJR Company’s
accounting records at December 31, 2021:

Accounts Payable ............  $69,000
Accounts Receivable .........  $56,000
Advertising Expense .........  $33,000
Building ....................  $94,000
Cash ........................  $31,000
Common Stock ................  $82,000
Cost of Goods Sold ..........  $30,000
Dividends ...................  $19,000
Equipment ...................  $86,000
Income Tax Expense ..........  $17,000
Interest Expense ............  $11,000
Inventory ...................  $54,000
Notes Payable ...............  $96,000
Rental Revenue ..............  $62,000
Retained Earnings ...........  $60,000 (at January 1, 2021)
Salaries Expense ............  $25,000
Sales Revenue ...............  $89,000
Trademark ...................  $55,000
Unearned Revenue ............  $62,000
Utilities Expense ...........  $22,000
Utilities Payable ...........  $13,000

DJR Company has not yet recorded year-end adjusting entries
related to the following two items:

(1)  Salaries earned by employees which have not yet been
     paid by DJR Company totaled $15,000.

(2)  The unearned revenue relates to a $62,000 payment from
     a customer received on June 1, 2021 for work that was
     to be performed each month for the next 16 months.

Calculate the net income reported by DJR Company for 2021
after all appropriate adjusting entries have been recorded
and posted.

business accounting

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Answer 1

Answer #1

Calculate net income

Sales revenue (62000/16*7)+89000	116125
Rental revenue	62000
Cost of goods sold	-30000
Advertising expense	-33000
Interest expense	-11000
Income tax expense	-17000
Salaries expense (25000+15000)	-40000
Utilities expense	-22000
Net income	25125

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Answer 2

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