Question
A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period?
A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period?
| Unadjusted Trial Balance | Adjustments | ||||||
| Debit | Credit | Debit | Credit | ||||
| Cash | 1,155 | ||||||
| Accounts receivable | 480 | ||||||
| Prepaid insurance | 5,400 | 330 | |||||
| Supplies | 360 | 250 | |||||
| Equipment | 15,720 | ||||||
| Accumulated depreciationequipment | 370 | ||||||
| Accounts payable | 2,940 | ||||||
| Salaries payable | 495 | ||||||
| Unearned fees | 6,300 | 555 | |||||
| Retained earnings | 12,780 | ||||||
| Dividends | 3,450 | ||||||
| Fees earned | 11,790 | 555 | |||||
| 480 | |||||||
| Rent expense | 3,300 | ||||||
| Salaries expense | 3,900 | 495 | |||||
| Utilities expense | 525 | ||||||
| Insurance expense | 330 | ||||||
| Supplies expense | 250 | ||||||
| Depreciation expenseequipment | 370 | ||||||
| Totals | 33,810 | 33,810 | 2,480 | 2,480 | |||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Managerial Accounting
Authors: Ray Garrison, Eric Noreen, Peter Brewer
15th edition
1259404781, 007802563X, 978-1259404788, 9780078025631, 978-0077522940
