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Question
The following items appeared on a company's December 31 work sheet for the current period. Based on the following information, what is net income for the current period?
| Unadjusted | ||||
| Trial Balance | Adjustments | |||
| Debit | Credit | Debit | Credit | |
| Cash | 975 | |||
| Prepaid insurance | 3,600 | 150 | ||
| Supplies | 180 | 70 | ||
| Equipment | 10,320 | |||
| Accounts payable | 1,140 | |||
| Unearned fees | 4,500 | 375 | ||
| Common stock | 5,000 | |||
| Retained earnings | 4,180 | |||
| Dividends | 1,650 | |||
| Fees earned | 5,850 | 375 | ||
| 300 | ||||
| Rent expense | 1,200 | |||
| Salaries expense | 2,400 | 315 | ||
| Utilities expense | 345 | _____ | ||
| Insurance expense | 150 | |||
| Supplies expense | 70 | |||
| Depreciation expense equipment | 190 | |||
| Accumulated depreciation equipment | 190 | |||
| Salaries payable | 315 | |||
| Accounts receivable | 300 | _____ | ||
| Totals | 20,670 | 20,670 | 1,400 | 1,400 |
A. $1,400
B. $1,855
C. $1,905
D. $2,060
E. $4,670
Answer
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Related questions
Q:
Periods
12 Percent 1
8929 2
1.6901 3
2.4018 4
3.0373 Assuming all revenue is to be received at the end of each year, what are the net cash flows for this investment if net present value equals ($11,790)?
A. $78,210
B. $10,920
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D. $237,547
E. $33,513
Q:
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B. $(251.52) and Scott would be willing to pay $29,748.48 for the machine.
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Q:
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Q:
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Q:
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B. A monthly period separated into daily budgets.
C. A quarterly period separated into weekly budgets.
D. An annual period separated into weekly budgets.
E. An annual period separated into quarterly and monthly budgets.
Q:
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A. From the top down.
B. From the bottom up following a participatory process.
C. Solely by the budget committee.
D. By the CEO.
E. After the accounting period has begun.
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B. The marketing department.
C. A budget committee.
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E. Lower level management.
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June
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530
600 Ending Raw Materials Inventory
663 lbs. Ending Finished Goods Inventory
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Finished goods = 20% of next month's sales
Pounds of raw material required for each finished Unit = 5 lbs.
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Q:
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40,000 Bank loan payable
16,000 Additional data:
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C. It is not permitted to be used for tax reporting.
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