Fink Insurance collected premiums of $18,000,000 from its customers during the current year. The adjusted balance in the Deferred premiums revenue account increased from $6 million to $8 million dollars during the year. What is Fink's revenue from insurance premiums recognized for the current year?

Silicon Chip Companys fiscal year-end is December 31. At the end of 2021, it owed employees $39,000 in salaries that will be paid on January 7, 2022. Required: 1. Prepare an adjusting entry to record accrued salaries, a reversing entry on January 1, 2022, and an entry to record the payment of salaries on January 7, 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Prepare journal entries to record the accrued salaries on December 31, 2021 and the payment of salaries on January 7, 2022, assuming a reversing entry is not recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

The adjusted trial balance for China Tea Company at December 31, 2021, is presented below:

	Debit			Credit
Cash		10,500
Accounts receivable		150,000
Prepaid rent		5,000
Inventory		25,000
Equipment		300,000
Accumulated depreciationequipment					125,000
Accounts payable					30,000
Notes payabledue in three months					30,000
Salaries payable					4,000
Interest payable					9,000
Common stock					200,000
Retained earnings					50,000
Dividends		8,000
Sales revenue					400,000
Costs of goods sold		180,000
Salaries expense		120,000
Rent expense		15,000
Depreciation expense		30,000
Interest expense		2,000
Advertising expense		2,500
Totals		848,000			848,000

Required: Prepare an income statement for China Tea Company for the year ended December 31, 2021.

Pat's Custom Tuxedo Shop maintains its records on the cash basis. During this past year Pat's collected $42,000 in tailoring fees, and paid $14,000 in expenses. Depreciation expense totaled $2,000. Accounts receivable increased $1,500, supplies increased $4,000, and accrued liabilities increased $2,500. Pat's accrual-basis net income was:

Suppose that Laramie Companys adjusted trial balance ignored the following information. For each item, indicate what effects, if any, these omissions would have on the stated components of Laramie Company's 2021 Income Statement and 12/31/2021 Balance Sheet. Assume no income taxes.

Additional Information	12/31/2021 Assets		12/31/2021 Liabilities		12/31/2021 Owners Equity		2021 Net Income
$3,700 interest on a loan was not yet paid or recorded		not attempted		not attempted		not attempted