Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

To prepare financial statements, Eddie Howard s bookkeeper prepared a trial balance of the accounts at December 3 1 , 2 0 2 3 .

To prepare financial statements, Eddie Howards bookkeeper prepared a trial balance of the accounts at December 31,2023. Following is a summary of the trial balance.
Eddie Howard
Trial Balance
December 31,2023
Debit Credit
Total of asset accounts $22,300
Total of liability accounts $ 7,400
Eddie Howard, Capital 6,200
Total of revenue accounts 62,000
Total of expense accounts 53,300
$75,600 $75,600
Based on the trial balance, how much was Eddie Howards net income on the income statement and how much was Eddie Howards Capital on the balance sheet?
Select one:
a. Net income: $22,300; Capital: $22,300
b. Net income: $84,300; Capital: $6,200
c. Net income: $8,700; Capital: $14,900
d. Net income: $62,000; Capital: $68,200

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Social Work Policy Practice Changing Our Community Nation And The World

Authors: Jessica A Ritter

3rd Edition

179354087X, 9781793540874

More Books

Students also viewed these Accounting questions

Question

Explain the benefits of visualization. Critical T hinking

Answered: 1 week ago

Question

=+What is the most challenging part of working in social media?

Answered: 1 week ago