The following are all of the accounts of Attawfik Company that have a balance at the...
The following are all of the accounts of Attawfik Company that
have a balance at the end of August. All accounts have normal
balances:
|
Accounts receivable |
$36,000 |
Cash |
$27,000 |
|
Equipment |
59,000 |
Advertising expense |
5,000 |
|
Service revenues earned |
75,000 |
Accounts payable |
31,000 |
|
Rent expense |
3,600 |
Dividends |
24,000 |
|
Office supplies |
1,500 |
Salaries expense |
30,000 |
|
Notes payable |
22,000 |
Common stock |
20,000 |
|
Retained earnings 1st August |
58,100 |
a. Calculate net income
b. Determine the amount of retained earnings to be shown on the
August 31 balance sheet.
This is a group work to discuss and give the correct answer
All students have to participate
Homework Answers
Ans. A Net income = $36,400
*Calculation:
Particulars. Amount. Amount
Service revenue earned. $75,000
Less: Expenses:
Rent expense. $3,600
Advertising expense. $5,000
Salaries expense. $30,000
Total expenses. $38,600
Net income. $36,400
Ans. B
*Calculation:
Particulars Amount
Beginning retained earnings. $58,100
Add: Net income. $36,400
Less: Dividends. -$24,000
Ending retained earnings. $70,500
Add Answer to:
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