Question
The following adjusted trial balance was taken from the accounting records of Shipley Corporation as of December 31, 2010. Required: (A) Calculation Net Income (B)
The following adjusted trial balance was taken from the accounting records of Shipley
Corporation as of December 31, 2010.
Required:
(A) Calculation Net Income
(B) Calculate Total Assets, Total Liabilities, and Total Equity
| Shipley Corporation Adjusted Trial Balance December 31, 2010 | ||
|
| Debits | Credits |
| Cash | $ 27,500 |
|
| Accounts Receivable | 8,600 |
|
| Supplies | 3,100 |
|
| Prepaid Rent | 4,700 |
|
| Equipment | 43,800 |
|
| Accum Depn Equipment |
| $ 8,200 |
| Accounts Payable |
| 5,600 |
| Salaries Payable |
| 1,700 |
| Note Payable |
| 20,000 |
| Capital Stock |
| 35,000 |
| Retained Earnings |
| 12,100 |
| Management Fees Earned |
| 89,500 |
| Appraisal Fees Earned |
| 12,700 |
| Salaries Expense | 46,800 |
|
| Advertising Expense | 18,300 |
|
| Depreciation Expense | 4,200 |
|
| Supplies Expense | 4,600 |
|
| Interest Expense | 3,100 |
|
| Utilities Expense | 7,700 |
|
| Rent Expense | 8,500 |
|
| Insurance Expense | 3,900 |
|
| Total | $184,800 | $184,800 |
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