Masks, Inc Trial Balance at 12/31/XX Cash $11,000 Supplies $5,000 Accounts Receivable $4,000 Accounts Payable $3,000 Common Stock $2,000 Dividends $1,000 Supplies Expense $10,500 Insurance Expense $700 Masks Revenue $15,000 What is Net Income?
Homework Answers
Answer
Correct answer is option b = $ 3,800
Calculation
| Mask revenue | $ 15,000 | |
| Less : expenses : | ||
| Supplies expense | $ 10,500 | |
| Insurance expense | $ 700 | - $ 11,200 |
| net income | $ 3,800 |
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Masks, Inc Trial Balance at 12/31/XX Cash $11,000 Supplies
$5,000 Accounts Receivable $4,000 Accounts Payable $3,000...
23 Masks, Inc Trial Balance at 12/31/XX Cash $11,000 Supplies $5,000 Accounts Receivable $4.000 Accounts Payable...
23 Masks, Inc Trial Balance at 12/31/XX Cash $11,000 Supplies $5,000 Accounts Receivable $4.000 Accounts Payable $3,000 Common Stock $2,000 Dividends $1,000 Supplies Expense $10,500 Insurance Expense $700 Masks Revenue $15,000 2 01:29.14 What is Net Income? Multiple Choice $2,800 $3,800 $2.800 $800 $800
Bob's P Worksheet Trial Balance Debit Credit Del Cash 4,700 5,000 500 3,000 8,000 Accounts Receivable...
Bob's P Worksheet Trial Balance Debit Credit Del Cash 4,700 5,000 500 3,000 8,000 Accounts Receivable Prepaid Insurance Plumbing Supplies Plumbing Equipment Accumulated Depreciation, Plumbing Equipment 2,500 7,500 10,700 Accounts Payable . Frost, Captial . Frost, Withdrawals Plumbing Fees Rent Expense Salaries Expense 1,000 5,500 1,000 3,000 26,200 26,200 nsurance Net ncome osurance Expired, $500 Rlumbing Supplies on hand, 2,000 Depreciation Expense, Plumbing Equip, $600. Salaries Owed but not paid to employees, $1,200
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
Tesco Corporation Unadjusted Trial Balance At December 31, 2019 No. Account Debit Credit 3,000 2,000 5,000...
Tesco Corporation Unadjusted Trial Balance At December 31, 2019 No. Account Debit Credit 3,000 2,000 5,000 2,500 50,000 200,000 10,000 20,000 1,000 3,000 5,000 10,000 190,500 100 Cash 110 Accounts Receivable 150 Prepaid Insurance 160 Supplies 180 Land 185 Building 190 Acc. Dep. Building 200 Accounts Payable 215 Wages Payable 220 Building Maintenance payable 225 Interest payable 230 Unearned Rent 235 Income Tax Payable 300 Share Capital 320 Dividends 325 Retained Earnings 500 Service Revenue 520 Rent Revenue 600 Advertising...
Account Debit Credit Cash $19,000 Accounts receivable 19,600 Supplies 3,000 Prepaid rent 2,100 Equipment 37,000 Accumulated...
Account
Debit
Credit
Cash
$19,000
Accounts
receivable
19,600
Supplies
3,000
Prepaid
rent
2,100
Equipment
37,000
Accumulated depreciation—equipment
$4,800
Accounts
payable
9,200
Interest
payable
1,050
Unearned
service revenue
1,000
Income
tax payable
2,400
Note
payable
18,000
Common
stock
15,000
Retained
earnings
5,000
Dividends
5,000
Service
revenue
99,050
Depreciation expense—equipment
1,900
Salary
expense
40,300
Rent
expense
11,000
Interest
expense
3,200
Insurance expense
3,800
Supplies
expense
2,100
Income
tax expense
7,500
Total
$155,500
$155,500
The adjusted trial balance for the year of Sneed...
Credit $ 2,000 BUSI 1043 INC. Adjusted Trial Balance Asat December 31, 2019 Debit Cash $...
Credit $ 2,000 BUSI 1043 INC. Adjusted Trial Balance Asat December 31, 2019 Debit Cash $ 20,000 Accounts Receivable $ 17,000 Allowance for doubtful accounts Inventory $ 10,000 Prepaid Expenses $ 2,000 Long Term Investments $100,000 Building $300,000 Accumulated Depreciation - Building Equipment $ 75,000 Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Interest Payable Income Tax Payable Unearned Revenue Current portion of bank loan payable Bank loan payable Common Shares Dividends Declared $ 16,000 $ 30,000 $ 15,000 $...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid...
Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings Dividends 4,000 Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense 1,500 Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000 14,700 75,000 Total $121,700 $121.700 *Assume 30% income tax Balance Sheet Assets Liabilities Total Liabilities...
-- BUSI 1043 INC Adjusted Trial Balance As at December 31, 2019 Debit Credit Cash $...
-- BUSI 1043 INC Adjusted Trial Balance As at December 31, 2019 Debit Credit Cash $ 20,000 Accounts Receivable Allowance for doubtful accounts $ 17,000 $ Inventory 2,000 $ 10,000 Prepaid Expenses $ 2,000 Long Term Investments $100,000 Building $300,000 Accumulated Depreciation - Building $ 30,000 Equipment $ 75,000 Accumulated Depreciation - Equipment $ 15,000 Accounts Payable $ 8,000 Salaries Payable $ 3,500 Interest Payable $ 1,500 Income Tax Payable $ 12,000 Unearned Revenue $ 5,000 Current portion of bank...
RYAN FINANCIAL PLANNERS Adjusted Trial Balance December 31, 2020 Cash Accounts Receivable Supplies.. Equipment Accumulated Depreciation...
RYAN FINANCIAL PLANNERS Adjusted Trial Balance December 31, 2020 Cash Accounts Receivable Supplies.. Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue.. Common Stock Retained Earnings Dividends Service Revenue Supplies Expense Depreciation Expense Rent Expense Debit Credit $ 2.900 2,200 600 16,000 $ 4,000 3,800 4,400 4,700 5,000 2,000 10,000 1,800 2,500 3.900 $31.900 $31.900 Instructions a Using the information given above, prepare the necessary closing entries at December 31, 2020. b. What is the balance in Retained Earnings after...
23 Masks, Inc Trial Balance at 12/31/XX Cash $11,000 Supplies $5,000 Accounts Receivable $4.000 Accounts Payable $3,000 Common Stock $2,000 Dividends $1,000 Supplies Expense $10,500 Insurance Expense $700 Masks Revenue $15,000 2 01:29.14 What is Net Income? Multiple Choice $2,800 $3,800 $2.800 $800 $800
Bob's P Worksheet Trial Balance Debit Credit Del Cash 4,700 5,000 500 3,000 8,000 Accounts Receivable Prepaid Insurance Plumbing Supplies Plumbing Equipment Accumulated Depreciation, Plumbing Equipment 2,500 7,500 10,700 Accounts Payable . Frost, Captial . Frost, Withdrawals Plumbing Fees Rent Expense Salaries Expense 1,000 5,500 1,000 3,000 26,200 26,200 nsurance Net ncome osurance Expired, $500 Rlumbing Supplies on hand, 2,000 Depreciation Expense, Plumbing Equip, $600. Salaries Owed but not paid to employees, $1,200
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
Tesco Corporation Unadjusted Trial Balance At December 31, 2019 No. Account Debit Credit 3,000 2,000 5,000 2,500 50,000 200,000 10,000 20,000 1,000 3,000 5,000 10,000 190,500 100 Cash 110 Accounts Receivable 150 Prepaid Insurance 160 Supplies 180 Land 185 Building 190 Acc. Dep. Building 200 Accounts Payable 215 Wages Payable 220 Building Maintenance payable 225 Interest payable 230 Unearned Rent 235 Income Tax Payable 300 Share Capital 320 Dividends 325 Retained Earnings 500 Service Revenue 520 Rent Revenue 600 Advertising...
Account
Debit
Credit
Cash
$19,000
Accounts
receivable
19,600
Supplies
3,000
Prepaid
rent
2,100
Equipment
37,000
Accumulated depreciation—equipment
$4,800
Accounts
payable
9,200
Interest
payable
1,050
Unearned
service revenue
1,000
Income
tax payable
2,400
Note
payable
18,000
Common
stock
15,000
Retained
earnings
5,000
Dividends
5,000
Service
revenue
99,050
Depreciation expense—equipment
1,900
Salary
expense
40,300
Rent
expense
11,000
Interest
expense
3,200
Insurance expense
3,800
Supplies
expense
2,100
Income
tax expense
7,500
Total
$155,500
$155,500
The adjusted trial balance for the year of Sneed...
Credit $ 2,000 BUSI 1043 INC. Adjusted Trial Balance Asat December 31, 2019 Debit Cash $ 20,000 Accounts Receivable $ 17,000 Allowance for doubtful accounts Inventory $ 10,000 Prepaid Expenses $ 2,000 Long Term Investments $100,000 Building $300,000 Accumulated Depreciation - Building Equipment $ 75,000 Accumulated Depreciation - Equipment Accounts Payable Salaries Payable Interest Payable Income Tax Payable Unearned Revenue Current portion of bank loan payable Bank loan payable Common Shares Dividends Declared $ 16,000 $ 30,000 $ 15,000 $...
Barney Company Unadjusted Trial Balance December 31, 2018 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle 145,000 23,000 6,500 24,000 110,000 15,000 75,000 50,000 8,000 16,900 3,000 45,000 46,000 67,600 5,000 490,000 Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 10,000 45,000 5,000 54,000 12,000 145,000 13,000 4,000...
Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings Dividends 4,000 Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense 1,500 Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000 14,700 75,000 Total $121,700 $121.700 *Assume 30% income tax Balance Sheet Assets Liabilities Total Liabilities...
-- BUSI 1043 INC Adjusted Trial Balance As at December 31, 2019 Debit Credit Cash $ 20,000 Accounts Receivable Allowance for doubtful accounts $ 17,000 $ Inventory 2,000 $ 10,000 Prepaid Expenses $ 2,000 Long Term Investments $100,000 Building $300,000 Accumulated Depreciation - Building $ 30,000 Equipment $ 75,000 Accumulated Depreciation - Equipment $ 15,000 Accounts Payable $ 8,000 Salaries Payable $ 3,500 Interest Payable $ 1,500 Income Tax Payable $ 12,000 Unearned Revenue $ 5,000 Current portion of bank...
RYAN FINANCIAL PLANNERS Adjusted Trial Balance December 31, 2020 Cash Accounts Receivable Supplies.. Equipment Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue.. Common Stock Retained Earnings Dividends Service Revenue Supplies Expense Depreciation Expense Rent Expense Debit Credit $ 2.900 2,200 600 16,000 $ 4,000 3,800 4,400 4,700 5,000 2,000 10,000 1,800 2,500 3.900 $31.900 $31.900 Instructions a Using the information given above, prepare the necessary closing entries at December 31, 2020. b. What is the balance in Retained Earnings after...
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