Answered step by step
Verified Expert Solution
Question
1 Approved Answer
solve the table given below 5 ACCOUNT NAME 5 OPERATING CASH 7 ACCTS RECEIVABLE B MACHINERY & EQUIPMENT ACCUM. DEPRECIATION 0 ACCTS PAYABLE 1 NOTES
solve the table given below
5 ACCOUNT NAME 5 OPERATING CASH 7 ACCTS RECEIVABLE B MACHINERY & EQUIPMENT ACCUM. DEPRECIATION 0 ACCTS PAYABLE 1 NOTES PAYABLE 2 OWNER'S CAPITAL 3 RETAINED EARNINGS 4 OWNER CONTRIBUTIONS (CURRENT YEAR) 5 OWNER WITHDRAWALS (CURRENT YEAR) 6 REVENUE 7 PRODUCT EXPENSE 8 WAGES EXPENSE 9 UTILITIES EXPENSE 0 OTHER OPERATING EXPENSES 1 DEPRECIATION EXPENSE 2 OTHER INCOME 3 ACCOUNT TYPE ASSET ASSET ASSET ASSET LIABILITY LIABILITY EQUITY EQUITY EQUITY EQUITY REVENUE EXPENSE EXPENSE EXPENSE EXPENSE EXPENSE REVENUE 4 5 Current year fixed asset changes: 6 Original cost of equipment disposed of in current year Cost of new equipment purchased in current year 7 8 DEBIT $ 99,444.20 $ $ 2,709.00 $ 37,300.00 $ 26,892.22 CREDIT $ 22,981.09 $ 47,908.21 $ 2,245.88 $ 105.00 $ 7,491.54 $ 7,491.54 2,896.98 519.00 $ 90,345.69 $ 16,503.75 $ 24,014.91 $ 105,305.27 $ $ 247,077.14 $ 247,077.14 $ 85,910.00 $ 37,300.00
Step by Step Solution
★★★★★
3.47 Rating (157 Votes )
There are 3 Steps involved in it
Step: 1
To solve the table given below we need to follow these steps Calculate the net income for 2021 This is done by subtracting all expenses from all revenues Net income Revenues Expenses Revenues Revenue ...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