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Right now I'm stuck on finding the Net Income The December 31, 2021, unadjusted trial balance for the Wolkstein Drug Company is presented below. December
Right now I'm stuck on finding the Net Income
The December 31, 2021, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company's year-end reporting date. Account Title Dabits Credits Cash 61,970 Accounts receivable 26,000 Prepaid rent 3,600 Inventory 40,000 Equipment 82,000 Accumulated depreciation 24,600 Accounts payable 28,000 Salaries payable 0 Common stock 100,000 Retained earnings 22,000 Sales revenue 413,000 Cost of goods sold 247,800 Salaries expense 82.600 Rent expense 21,600 Depreciation expense Utilities expense 16,520 Advertising expense 5,510 Totals 587,600 587,600 O The following year-end adjusting entries are required: a. Depreciation expense for the year on the equipment is $8,200. b. Salaries at year-end should be accrued in the amount of $5,360, Required information Ace Income OP GE Cash Accounts receivable Pregador Inventory Equipment Accumulated depreciation Accounts payable Ses payable Common stock Rendamine 61.970 26,000 3,600 40,000 82,000 or 61.970 26,000 3.500 40.000 82.000 24,500 28,000 WOLONTERO COMPANY Wor December 21 Ang Entre Aftens CE Dn 61,970 26,000 3.600 40,000 82,000 8.2001 28.000 6.360 5.300 100,000 22.000 413.000 247.100 5.360 87,000 21,000 R.200 8.200 16.520 5,510 32.00 28.01 5,31 100,01 100.000 22.000 413.000 Cost of good old 413,000 247.500 62.600 21.600 Depreciation expense is expense Advertising expense 247,000 87.000 210001 8.200 16 520 5,510 387.500 16,520 5.510 413,000 213.570 18.11 Netcome Total 587.000 587,600 13.560 13.560 501.00 500.00 387.90 413,000 213,570 158,11 Step by Step Solution
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