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Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 31, Year 1: Novelty Toys, Incorporated Adjusted Trial Balance December 31, Year
Shown below is an adjusted trial balance for Novelty Toys, Incorporated, on December 31, Year 1:
Novelty Toys, Incorporated | ||
Adjusted Trial Balance | ||
December 31, Year 1 | ||
Debit | Credit | |
---|---|---|
Cash | $ 15,800 | |
Accounts Receivable | 12,900 | |
Office Equipment | 23,100 | |
Accumulated Depreciation | $ 6,300 | |
Accounts Payable | 7,900 | |
Capital Stock | 22,800 | |
Retained Earnings | -0- | |
Dividends | 7,800 | |
Fees Earned | 47,000 | |
Salaries Expense | 16,600 | |
Advertising Expense | 3,400 | |
Depreciation Expense | 4,400 | |
Totals | $ 84,000 | $ 84,000 |
Net income for the period equals:
Multiple Choice
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$14,800.
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$24,400.
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$47,000.
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$22,600.
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