In 2017, P Co. reported the following cash transaction: Sales 350,000 Salaries 82,500 Rent Payments 40,000...
In 2017, P Co. reported the following cash transaction:
| Sales | 350,000 |
| Salaries | 82,500 |
| Rent Payments | 40,000 |
| Equipment Purchased (5 Year Life and Purchased 7/1/17 Straight Line Depreciation) | 75,000 |
| Interest Expense Payments | 20,000 |
| Purchases of Inventory | 175,000 |
The Company had the following balance sheet accounts at the beginning and end of the year:
| Accounts Receivable (12/31/16) | 45,000 |
| Accounts Receivable (12/31/17) | 52,000 |
| Accrued Salaries (12/31/16) | 14,000 |
| Accrued Salaries (12/31/17) | 8,000 |
| Prepaid Rent (12/31/16) | 4000 |
| Prepaid Rent (12/31/17) | 0 |
| Equipment (12/31/16) | 0 |
| Equipment (12/31/17) | 75000 |
| Accrued Interest Payable (12/31/16) | 5000 |
| Accrued Interest Payable (12/31/17) | 8000 |
| Inventory (12/31/16) | 78,000 |
| Inventory (12/31/17) | 92,000 |
Compute the company's accrual basis net income for 2017.
(Please show all work)
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In 2017, P Co. reported the following cash transaction:
Sales
350,000
Salaries
82,500
Rent Payments
40,000...
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accounts in the trial balance.
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Record journal entries for the following adjustments using the
accounts in the trial balance.
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