Posted: July 19th, 2016
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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