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Beta has the following adjusted trial balance at the end of the year. On the basis of its annual physical count of inventory at year-end,
Beta has the following adjusted trial balance at the end of the year. On the basis of its annual physical count of inventory at year-end, Alpha determined that its ending inventory was $35,000.
Debit | Credit | ||
Cash | $ 14,000 | ||
Accounts receivable | 20,000 | ||
Inventory | 41,000 | ||
Supplies | 2,000 | ||
Equipment | 60,000 | ||
Accumulated depreciation | $30,000 | ||
Accounts payable | 12,000 | ||
Salaries payable | 3,000 | ||
Utilities payable | 6,000 | ||
Income tax payable | 4,000 | ||
Unearned sales revenue | 1,000 | ||
Common stock | 63,000 | ||
Retained earnings | 12,000 | ||
Dividends | 8,000 | ||
Sales | 145,000 | ||
Sales returns and allowances | 6,000 | ||
Purchases | 43,000 | ||
Purchase discounts | 3,000 | ||
Rent expense | 24,000 | ||
Salaries expense | 45,000 | ||
Depreciation expense | 6,000 | ||
Income tax expense | 10,000 | ||
Total | $279,000 | $279,000 |
Using this trial balance and the periodic inventory system, net income for the year is
Group of answer choices
$8,000
The correct answer is not listed.
$20,000
$12,000
$10,000
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