1. After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $742,690 and Allowance for Doubtful Accounts has a balance of $20,986. What is the net realizable value of accounts receivable?

a.$721,704

b.$763,676

c.$742,690

d.$20,986

2.

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet:

Accumulated Depreciation	$2,858
Fees Earned	17,573
Depreciation Expense	1,187
Insurance Expense	557
Prepaid Insurance	3,566
Supplies	1,349
Supplies Expense	3,896

Net income for the period is

a.$11,933

b.$23,213

c.$9,075

d.$5,640

3.

Diane's Designs purchased a one-year liability insurance policy on March 1 of a year for $3,780 and recorded it as a prepaid expense. Which of the following amounts would be recorded as insurance expense during the adjusting process at the end of Diane's first month of operations on March 31?

a.$3,780

b.$378

c.$315

d.$3,465

4.

Hannah Roberts owns and operates Hannah's Pool Service Company. On January 1, Hannah Roberts, Capital had a balance of $312,630. During the year, Hannah invested an additional $23,450 and withdrew $35,270. For the year ended December 31, Hannah's Pool Service Company reported a net income of $69,560.

Prepare a statement of owner's equity for the year ended December 31.

Hannah's Pool Service Company
Statement of Owner's Equity
For the Year Ended December 31
		$
	$
		$