Accounting Question. Help Please!!?

Net Income ?

Total Assets ?

Total Liabilities?

ABC Corporation

Adjusted Trial Balance

January 31, 2014

Debit Credit

Cash $30,430

Accounts Receivable 15,900

Office Supplies 4,320

Prepaid Rent 24,000

Equipment 70,000

Accumulated Depreciation 1,100

Accounts Payable 5,200

Utilities Payable 2,964

Mortgage Payable 2,000

Interest Payable 150

Notes Payable 10,000

Common Stock 100,000

Retained Earnings 10,000

Service Revenue 95,600

Wages Expense 38,200

Supplies Expense 18,480

Rent Expense 12,000

Miscellaneous Expense 3,470

Electricity Expense 2,470

Telephone Expense 1,494

Depreciation Expense 1,100

Interest Expense 150

Dividend 5,000

Total $227,014 $227,014

So with the information below I am so unsure at how to find the Net Income and the total of the assets and liabilities. This is the first accounting class I have ever taken.If anyone could give me any help it would be much appreciated

1 Answer

Relevance
  • 5 years ago
    Favorite Answer

    Assets

    Cash $30,430

    Accounts Receivable 15,900

    Office Supplies 4,320

    Prepaid Rent 24,000

    Equipment 70,000

    Accumulated Depreciation 1,100 (contra asset)

    Liabilities

    Accounts Payable 5,200 

    Utilities Payable 2,964 

    Mortgage Payable 2,000 

    Interest Payable 150 

    Notes Payable 10,000 

    Equity

    Common Stock 100,000 

    Retained Earnings 10,000 

    Dividend 5,000 (deduction from retained earnings)

    Net income

    Service Revenue 95,600 

    Wages Expense 38,200

    Supplies Expense 18,480

    Rent Expense 12,000

    Miscellaneous Expense 3,470

    Electricity Expense 2,470

    Telephone Expense 1,494

    Depreciation Expense 1,100

    Interest Expense 150

Still have questions? Get your answers by asking now.