The Worksheet
Accountants at Warner Co. use worksheets similar to the one shown in Exhibit 5-13, on page 209. In the company's most current year-end worksheet, the amounts transferred from the adjusted trial balance columns to the balance sheet and income statement columns are as follows:
Total amount transferred to the credit column of the balance sheet | $410,000 |
Total amount transferred to the debit column of the balance sheet | 540,000 |
Total amount transferred to the credit column of the income statement | 380,000 |
a. What was the company's net income for the year?
b. What was the total amount transferred from the adjusted trial balance columns to the debit column of the income statement?
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