Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Name: Q1: As an accountant, you were provided with the following balances: The OceanX company, December 31, 2022 Debit Credit Cash 5,000 Accounts Receivable 3,000
Name: Q1: As an accountant, you were provided with the following balances: The OceanX company, December 31, 2022 Debit Credit Cash 5,000 Accounts Receivable 3,000 Supplies 1,000 - Equipment 8,000 Accumulated Depreciation-Equipment $4,000 Accounts Payable 3,000 Note payable 1,000 Common Stock 3,000 Retained Earnings (1//1//2022) 3,500 Dividends 2,000 5,000 Service Revenue 1,000 Interest Revenue Supplies Expense 1,600 Depreciation Expense 400 Rent Expense 3,500 From the balances of above, how much is: (a) The net income for this company (b) The ending balance of retained earnings (c) The total of current assets
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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