Homework Answers
Ans: Option C , Debits (27,181) - Credits (38,582)
Net Loss = 11,401
The company has a net loss of $ 11,401 for the period.
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After all of the account balances have been extended to the Balance Sheet columns of the...
After the Adjusted Trial Balance columns of a work sheet have been totaled, which account balances...
After the Adjusted Trial Balance columns of a work sheet have been totaled, which account balances are extended to the Income Statement columns, the Statement of Retained Earnings columns, and the Balance Sheet columns?
Appendix: Completing an end-of-period spreadsheet List (a) through (j) in the order they would be performed...
Appendix: Completing an end-of-period spreadsheet List (a) through (j) in the order they would be performed in preparing and completing an end-of-period spreadsheet. a. Add the Debit and Credit columns of the Unadjusted Trial Balance columns of the spreadsheet to verify that the totals are equal. b. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to verify that the totals are eq c. Add or deduct adjusting entry data to trial...
Use the adjusted trial balance for Stockton Company below to answer the questions that follow. Stockton...
Use the adjusted trial balance for Stockton Company below to answer the questions that follow. Stockton Company Adjusted Trial Balance December 31 7,530 2,100 700 13,700 1,100 1,900 4,300 1,000 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 12,9401 790 9,250 2,500 1.960 775 2501 185 30,490 30,490 14. Determine the net income (loss) for the period. a....
Indicate with an “X” whether each account total should be extended to the income statement debit...
Indicate with an “X” whether each account total should be extended
to the income statement debit or credit or to the balance sheet
debit or credit columns on the work sheet.
balaiice Sheet Debit CreditDebit Cash Accounts Receivable Supplies Prepaid Insurance Automobile Accum. Depr-Automobile Accounts Payable Wages Payable Owner, Capital Owner, Drawing Service Fees Wages Expense Supplies Expense Utilities Expense Insurance Expense Depr. Exp.-Automobile ANALYSIS OF NET INCOME OR NET LOSS ON THE WORK SHEET Inser dollar amounts where the...
Totals of various columns from the work sheet are shown below. What is the net income...
Totals of various columns from the work sheet are shown below. What is the net income or loss? Income Statement Debit $8,500 Balance Sheet Debit $4,300 Credit $6,750 Credit $6,050 Net loss of $4,300 Net income of $1,750 Net loss of $1.750 Net income of $4.300
QUESTION 4 5 points Which of the following is not true? The balances in the Income...
QUESTION 4 5 points Which of the following is not true? The balances in the Income Statement debit column are expenses. The net income or net loss from the Income Statement columns is entered in the Balance Sheet & Statement of Owner's Equity columns. The difference between the totals of the Income Statement columns is net income or net loss. The balances in the Income Statement credit column are revenues. The balances in the Income Statement credit column are unearned...
22. The income statement and balance sheet columns of Iron and Purple Company's worksheet reflect the...
22. The income statement and balance sheet columns of Iron and Purple Company's worksheet reflect the following totals: Income Statement Dr. Cr. $79,000 $92,000 Balance Sheet Dr. Cr. $75,000 $62,000 Totals The net income (or loss) for the period is a. $92,000 income. b. $13,000 income. c. $13,000 loss. d. not determinable.
1. The use of reversing entries is: a) required b) required whenever adjusting entries are omitted...
1. The use of reversing entries is: a) required b) required whenever adjusting entries are omitted c)optional d)optional unless computerized accounting systems are used 2. Which of the following accounts should be closed to Income Summary at the end of the fiscal year? a) Service Revenue b) Equipment c) Prepaid Insurance d) Unearned Rent 3. After all of the account balances have been extended to the Balance Sheet columns of the ned-of-period spreadsheet, the totals of the debit and credit...
Activity 4.a-Calculating Net Income/Loss on Income Statement & Balance Sheet/Equity For each scenario, calculate the net...
Activity 4.a-Calculating Net Income/Loss on Income Statement & Balance Sheet/Equity For each scenario, calculate the net income/loss, identify if it is net income or loss, and finalize the totals for the Income State Balance Sheet columns. SMART TOUCH LEARNING Worksheet December 31, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Names Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Total 54,800 54800 8,600 8,600 47,800 47.800 12.900 16,700 34,900 31,100 INe Total 16700...
After Net Income or Loss is entered on the end-of-period spreadsheet, the debit column total must...
After Net Income or Loss is entered on the end-of-period spreadsheet, the debit column total must equal the credit column total for the Balance Sheet pair of columns. True or false?
Appendix: Completing an end-of-period spreadsheet List (a) through (j) in the order they would be performed in preparing and completing an end-of-period spreadsheet. a. Add the Debit and Credit columns of the Unadjusted Trial Balance columns of the spreadsheet to verify that the totals are equal. b. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to verify that the totals are eq c. Add or deduct adjusting entry data to trial...
Use the adjusted trial balance for Stockton Company below to answer the questions that follow. Stockton Company Adjusted Trial Balance December 31 7,530 2,100 700 13,700 1,100 1,900 4,300 1,000 Cash Accounts Receivable Prepaid Expenses Equipment Accumulated Depreciation Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Utilities Expense Depreciation Expense Miscellaneous Expense Totals 12,9401 790 9,250 2,500 1.960 775 2501 185 30,490 30,490 14. Determine the net income (loss) for the period. a....
Indicate with an “X” whether each account total should be extended
to the income statement debit or credit or to the balance sheet
debit or credit columns on the work sheet.
balaiice Sheet Debit CreditDebit Cash Accounts Receivable Supplies Prepaid Insurance Automobile Accum. Depr-Automobile Accounts Payable Wages Payable Owner, Capital Owner, Drawing Service Fees Wages Expense Supplies Expense Utilities Expense Insurance Expense Depr. Exp.-Automobile ANALYSIS OF NET INCOME OR NET LOSS ON THE WORK SHEET Inser dollar amounts where the...
Totals of various columns from the work sheet are shown below. What is the net income or loss? Income Statement Debit $8,500 Balance Sheet Debit $4,300 Credit $6,750 Credit $6,050 Net loss of $4,300 Net income of $1,750 Net loss of $1.750 Net income of $4.300
QUESTION 4 5 points Which of the following is not true? The balances in the Income Statement debit column are expenses. The net income or net loss from the Income Statement columns is entered in the Balance Sheet & Statement of Owner's Equity columns. The difference between the totals of the Income Statement columns is net income or net loss. The balances in the Income Statement credit column are revenues. The balances in the Income Statement credit column are unearned...
22. The income statement and balance sheet columns of Iron and Purple Company's worksheet reflect the following totals: Income Statement Dr. Cr. $79,000 $92,000 Balance Sheet Dr. Cr. $75,000 $62,000 Totals The net income (or loss) for the period is a. $92,000 income. b. $13,000 income. c. $13,000 loss. d. not determinable.
Activity 4.a-Calculating Net Income/Loss on Income Statement & Balance Sheet/Equity For each scenario, calculate the net income/loss, identify if it is net income or loss, and finalize the totals for the Income State Balance Sheet columns. SMART TOUCH LEARNING Worksheet December 31, 2016 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Names Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Total 54,800 54800 8,600 8,600 47,800 47.800 12.900 16,700 34,900 31,100 INe Total 16700...
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