Preparing financial statements from the completed worksheet
Use your answer from Exercise.
Requirement
1. Prepare Telegraphic Link’s balance sheet as of November 30, 2012.
Exercise
Preparing a worksheet and using it to calculate net income
The trial balance of Telegraphic Link at November 30, follows:
Additional information at November 30, 2012:
a. Accrued service revenue, $600.
b. Depreciation, $300.
c. Accrued salary expense, $800.
d. Prepaid rent expired, $500.
e. Supplies used, $100.
Requirements
1. Complete Telegraphic Link’s worksheet for the month ended November 30, 2012.
2. How much was net income for November?
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