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I want to make sure I did this right. The only thing the book tells me is that the net income should be $17,800. Thanks!
I want to make sure I did this right. The only thing the book tells me is that the net income should be $17,800. Thanks!
The Adjusted Trial Balance columns of a 10-column work sheet for Planta Company follow. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by entering the amount of net income for the reporting period. Exercise 4-2 Extending accounts in work sheet P1 Unadjusted Trial Balance Dr. Cr. Balance Sheet and Statement of Owner's Equity Dr. Cr. Income Statement Dr. Cr. Adjustments Dr. Cr. No. Account Title 101 Cash 106 Accounts receivable 153 Trucks 154 Accumulated depreciation-Trucks 183 Land 201 Accounts payable 209 Salaries payable 233 Unearned fees 301 F. Planta, Capital 302 F. Planta, Withdrawals 401 Plumbing fees earned 611 Depreciation expense-Trucks 622 Salaries expense 640 Rent expense 677 Miscellaneous expenses Totals Net income Totals Adjusted Trial Balance Dr. I cr. $ 7,000 27,200 42,000 $ 17,500 32,000 15,000 4,200 3,600 65,500 15,400 84,000 6,500 38,000 13,000 8,700 $189,800 $189,800Step by Step Solution
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