Posted: July 19th, 2016

what is L Corporation’s net income for the year ending October 31, 2011?

Based on the account balances below, what is the total of the debit and credit columns of the adjusted trial balance?

Service revenue $3,300 Equipment $6,400
Cash 1,525 Prepaid insurance 1,225
Unearned revenue 5,320 Depreciation expense 640
Salary expense 1,050 Accum. depreciation 1,280
Common stock 390 Retained earnings 550

Answer:
$9,150
$10,840
$9,560
$10,430

The following is selected information from L Corporation for the fiscal year ending October 31, 2011.

Cash received from customers $300,000
Revenue earned 370,000
Cash paid for expenses 170,000
Cash paid for computers on November 1, 2010 that will
be used for 3 years 48,000
Expenses incurred including any depreciation 216,000
Proceeds from a bank loan, part of which was used to
pay for the computers 100,000

Based on the accrual basis of accounting, what is L Corporation’s net income for the year ending October 31, 2011?

Answer:
$184,000
$154,000
$152,000
$170,000

Given the following adjusted trial balance: Net income for the year is:

Debit Credit
Cash &1,562
Accounts receivable 2,098
Inventory 3,124
Prepaid rent 86
Property, plant & equipment 300
Accumulated depreciation 52
Accounts payable 82
Unearned revenue 122

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