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Swifty Company had the following transactions during 2022: Sales of $4700 on account Collected $2400 for services to be performed in 2023 Paid $1630 cash

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Swifty Company had the following transactions during 2022: Sales of $4700 on account Collected $2400 for services to be performed in 2023 Paid $1630 cash in salaries Purchased airline tickets for $240 in December for a trip to take place in 2023 What is Swifty's 2022 net income using cash-basis accounting? $5470 O $770. O $530. $5230 The balance in the supplies account on June 1 was $5260, supplies purchased during June were $3640, and the supplies on hand at June 30 were $3170. The amount to be used for the appropriate adjusting entry is $3640 O $12070 $5730 $6810 What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insurance account balance be adjustment. $18580, and unexpired amounts per analysis of policies of $5990? Debit Insurance Expense, $12590; Credit Prepaid Insurance. $12590 Debit Prepaid Insurance, $12590; Credit Insurance Expense, $12590. Debit Insurance Expense. $18580; Credit Prepaid Insurance, $18580 Debit Insurance Expense, $5990; Credit Prepaid Insurance. $5990. The income statement for the year 2021 of Windsor Co. contains the following information: $70000 Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) $43200 11700 9900 5500 2600 2200 75100 ${5100) After all closing entries have been posted, the revenue account will have a balance of $5100 credit $0. $70000 debit. $70000 credit $6980 $3030 Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Insurance Expense Total expenses Net Income 1560 730 290 110 5720 $1260 The entry to close the expense accounts includes a O credit to Rent Expense for $1560, O credit to Income Summary for $5720. O debit to Salaries and Wages Expense for $3030. O debit to Income Summary for $1260. The income statement for the year 2021 of Pearl Co. contains the following information: $70000 $43200 11700 9900 Revenues Expenses: Salaries and Wages Expense Rent Expense Advertising Expense Supplies Expense Utilities Expense Insurance Expense Total expenses Net income (loss) 5500 2600 2200 75100 $(5100) The entry to close Income Summary to Retained Earnings includes O credits to Expenses totalling $75100. O a credit to Income Summary for $5100. a credit to Retained Earnings for $5100. O a debit to Revenue for $70000

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