Question

In: Accounting

1.Given the following adjusted trial balance, determine the company's net income for the year: Debit Credit  ...

1.Given the following adjusted trial balance, determine the company's net income for the year:

Debit Credit  
Cash $1,562
Accounts Receivable 2,098
Inventory 3,124
Prepaid Rent 86
Equipment 300
Accumulated Depreciation-Equipment 52
Accounts Payble 82
Unearned Service Revenue 122
Common Stock 206
Retained Earnings 6,610
Service Revenue 268
Interest Revenue 56
Salaries and Wages Expense 160
Travel Expense           66               
Total $7,396 $7,396

a) $496

b) $270.

c) $324.

d)$98.

e) $220

2.A company has the following adjusted trial balance:

   Debit Credit
Cash    1,500
Accounts receivable 2,100
Prepaid rent 100
Equipment 3,500
Accumulated depreciation-Equipment    1,500
Accounts payable 150
Unearned service revenue 200
Common stock 1,000
Retained earnings 4,700
Service revenue 800
Interest revenue 100
Salaries and wages expense 150
Depreciation expense 600
Rent expense      500           
Total 8,450 8,450

After closing entries have been journalized and posted, the balance in the company's retained earnings account will be

a) $8,450.

b) $4,350.

c) $4,550.

d) $5,050.

e) $4,700.

3. Which of the following accounts will not appear in the post-closing trial balance because it has been closed?

a) Cash

b) Unearned Revenue

c) Service Revenue

d) Accounts Payable

e) Common Stock

Solutions

Expert Solution

QUESTION 1
NET INCOME
PARTICULARS AMOUNT
SERVICE REVENUE 268
INTERES REVENUE 56
LESS : INTEREST REVENUE
TOTAL REVENUE 324
SALARIES AND WAGES 160
TRAVEL EXPENSE 66
TOTAL EXPENSE 226
NET INCOME 98
OPTION D $ 98 IS CORRECT
QUESTION 2
NET INCOME
PARTICULARS AMOUNT
SERVICE REVENUE 800
INTERES REVENUE 100
TOTAL REVENUE 900
SALARIES AND WAGES 150
DEPRECATION 600
RENT EXPENSE 500
TOTAL EXPENSE 1250
NET INCOME -350
RETAINED EARNING = OPENING BALANCE-LOSS
RETAINED EARNING = 4700-350
RETAINED EARNING = 4350
SO OPTION B $ 4350 IS CORRECT
QUESTION 3
Which of the following accounts will not appear in the post-closing trial balance because it has been closed
ANSWER : SERVICE REVENUE
SO OPTION C SERVICE REVENUE

ekkarill92 answered 3 years ago
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