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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 | $ 15,350 | |
Accounts Receivable | 12,675 | |
Office Equipment | 22,200 | |
Accumulated Depreciation | $ 5,850 | |
Accounts Payable | 7,675 | |
Capital Stock | 22,350 | |
Retained Earnings | -0- | |
Dividends | 7,350 | |
Fees Earned | 44,750 | |
Salaries Expense | 15,700 | |
Advertising Expense | 3,175 | |
Depreciation Expense | 4,175 | |
Totals | $ 80,625 | $ 80,625 |
Net income for the period equals:
Multiple Choice
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$23,050.
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$21,700.
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$44,750.
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$14,350.
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