Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information Skip to question [ The following information applies to the questions displayed below .] Mint Cleaning Incorporated prepared the following unadjusted trial balance

Required information

Skip to question

[The following information applies to the questions displayed below.]

Mint Cleaning Incorporated prepared the following unadjusted trial balance at the end of its second year of operations ending December 31. (Assume amounts are reported in thousands of dollars.)

Account Titles Debit Credit
Cash $ 41
Accounts Receivable 12
Prepaid Insurance 9
Equipment 86
Accumulated Depreciation $ 0
Accounts Payable 12
Salaries and Wages Payable 0
Income Tax Payable 0
Common Stock 82
Retained Earnings 5
Sales Revenue 91
Insurance Expense 0
Salaries and Wages Expense 13
Supplies Expense 29
Income Tax Expense 0
Totals $ 190 $ 190

Other data not yet recorded at December 31:

  1. Insurance expired during the year, $7.
  2. Depreciation expense for the year, $6.
  3. Salaries and wages payable, $9.
  4. Income tax expense, $11.

calculate net income please.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting A Managerial Emphasis

Authors: Charles T Horngren

6th Edition

0131795082, 978-0131795082

More Books

Students also viewed these Accounting questions