At the end of the first month of operations for Jacksons Catering Service, the business had the following accounts: Cash, $19,100; Prepaid Rent, $500; Equipment, $7,500 and Accounts Payable $4,000. By the end of the month, Jacksons had earned $41,450 of Revenues, and used $2,710 of Utilities Expenses, $5,950 of Rent Expense and $4,120 of Salaries Expenses. Calculate the net income to be reported by the company for this first month.

The Daniel Insurance Agency reported revenues of $21,840 and expenses of $27,840 for the current period. What was the final figure reported on the companys income statement?

At the end of the first month of operations for SloMo Delivery Service, the business had the following accounts: Accounts Receivable, $11,800; Prepaid Insurance, $580; Equipment, $27,100 and Cash, $22,100. On the same date, SloMo owed the following creditors: Simpson Supply Company, $17,900; Allen Office Equipment, $15,400.

The total amount of Liabilities is:

NJW Company provided $3,300 of legal services. The client paid $2,100 up front and agreed to pay the remaining $1,200 in two weeks. Select the correct journal entry from the options below to record the transaction:

On January 1, 20X1, Johnson Consulting purchased a truck for $31,200. The truck is expected to last 60 months and have no salvage value. Calculate the book value of the truck on December 31, 20X2.

Equipment cost $32,400 and is expected to be useful for 6 years and have no salvage value. Under the straight-line method, monthly depreciation will be: