Net income, adjusting entry, resources and distributions
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Fundamental Accounting Principles
Determine the net income of a company for which the following information is available for the month of May.
Employee salaries expense $180,000
Interest expense $10,000
Rent Expense $20,000
Consulting revenue $400,000
Answer
Question 5 answers
$190,000
$210,000
$230,000
$400,000
Prior to recording adjusting entries, the Office Supplies account had a $359 debit balance. A physical count of the supplies showed $105 of unused supplies available. The required adjusting entry is:
Answer
Question 6 answers
debit Office Supplies $105 and credit Office Supplies Expense $105.
debit Office Supplies Expense $105 and credit Office Supplies $105.
debit Office Supplies Expense $254 and credit Office Supplies $254.
debit Office Supplies $254 and credit Office Supplies Expense $254.
Resources owned or controlled by a company that are expected to yield benefits are:
Answer
Question 8 answers
assets.
revenues.
liabilities.
owner's equity.
Use the following information as of December 31 to determine equity.
Liabilities $141,000
Cash $57,000
Equipment $206,000
Buildings $175,000
Answer
Question 9 answers
$57,000
$141,000
$297,000
$438,000
Distributions by a business to its owners are called:
Answer
Question 10 answers
withdrawals.
expenses.
retained earnings.
net Income.
What is a trial balance? What is its purpose? APA.
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Solution Summary
The expert determines the net income of a company for which information is available.
Solution Preview
See attached file for trial balance exampe.
Q 5 :
Consulting revenue $400,000
Less: Expenses:
Employee salaries expense $180,000
Interest expense $10,000
Rent Expense $20,000 $210000
Net Income $ 190000
Q 6: Debit Office Supplies Expense 254
Credit Office Supplies. 254
Q 8 Assets
Q 9 Cash $57,000
Equipment $206,000
Buildings $175,000
Total Assets: $438000
Less: Liabilities $141,000
Equity (Net Worth) $297000
Q 10 Drawing
Answer to Long question on Trial Balance:
Meaning of a Trial ...
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