the numbers on income statement are not right. i keep getting wrong answers. what changes do i need to make elsewhere for right numbers to show. the correct net income is 4 but keeps showing up as 8 and i cant input the number ?
Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows the amounts are rounded to thousands of dollars to simplify): Debit $ 7 Credit Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense Amortization Expense Salaries and Wages Expense Supplies Expense Interest Expense Income Tax Expense Totals OOOOOOANN Transactions during 2018 (summarized in thousands of dollars) follow: a. Borrowed $25 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $28 cash on July 2, 2018 c. Issued additional shares of common stock for $5 on July 3. d. Purchased software on July 4, $3 cash. e. Purchased supplies on July 5 on account for future use. $7. 1. Recorded revenues on December 6 of $58, including $8 on credit and $50 received in cash. g. Recognized salaries and wages expense on December 7 of $33; paid in cash. h. Collected accounts receivable on December 8, $9. 1. Paid accounts payable on December 9, $10. Transactions during 2018 (summarized in thousands of dollars) follow: wed $25 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $28 cash on July 2, 2018. c. Issued additional shares of common stock for $5 on July 3. d. Purchased software on July 4, $3 cash. e. Purchased supplies on July 5 on account for future use. $7. f. Recorded revenues on December 6 of $58, including $8 on credit and $50 received in cash. g. Recognized salaries and wages expense on December 7 of $33; paid in cash. h. Collected accounts receivable on December 8, $9. 1. Paid accounts payable on December 9, $10. J. Received a $3 cash deposit on December 10 from a hospital for a contract to start January 5, 2019. Data for adjusting journal entries on December 31: k. Amortization for 2018, $2. 1. Supplies of $3 were counted on December 31, 2018 m. Depreciation for 2018. $4. n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded. $3. p. Income tax expense for 2018 was $4 and will be paid in 2019. (Enter all of your answers in thousands of dollars. (i.e., $100,000 should be entered as $100).) Income Requirement General Journal General Ledger Trial Balance Statement of Retained Statement Balance Sheet Analysis Farnings Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted from the dropdown, which will then populate the balances in those accounts from the trial balance. Unadjusted Requirement ement General Journal General General Ledger de Tral Balance stencomente se emoce cos Balance Sheet Trial Balance Income Statement Statement of Retained Earnings Balance Sheet Analysis Analysis Choose the appropriate accounts to be reported on the income statement. Select the 'adjusted' from the dropdown, which wil then populate the balances in those accounts from the trial balance. Unadjusted NORTHLAND PHYSICAL THERAPY Income Statement For the Year Ended December 31, 2018 (in thousands) Revenues Service Revenue Total Revenues Expenses Salaries and Wages Expense Supplies Expense Depreciation Expense Amortization Expense Interest Expense Income Tax Expense Total Expenses Net Income Trial Balance Statement of Retained Earnings >
