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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
- olliverLv 65 years agoFavorite 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
