HOW MUCH IS TEH NET INCOMEa. 53, 925b. 63, 975c. 48, 925d. 58, 925 Based on the following adjusted trial balance of Lyndon Company on December 31, 200c, the end of the accountingperiod:P 67,07570,000176,500CashNote ReceivableAccounts ReceivableAllowance for Bad DebtsMerchandise Inventory, Jan. 1Fumiture & Fixtures5,40060,90034,100Accumulated Depreciation - Furn. & Fixt.Office Equipment3,10015,500Accumulated Depreciation - Office Eanmt1,50020,00094,750265,000Note PayableAccounts PayableLeonard CapitalLeonard DrawingSalesSales ReturnsSales DiscountPurchasesFreight in9,500572,87511,0006,400390,7505,415Purchase Returns3,6306,885Purchase discountSalaries ExpenseRent ExpenseInsurance expenseOfice supplies expenseRental Income99.55024,0005,2502,2005,000Additional information: Merchandise Inventory, December 31, P 76,000

The question is related to the Income Statement to arrive at Net Income.

Based on the following adjusted trial balance of Lyndon Company on December 31, 20OC, the end of the accounting period: P 67,075 70,000 176,500 Cash Note Receivable Accounts Receivable Allowance for Bad Debts Merchandise Inventory, Jan. 1 Fumiture & Fixtures 5,400 60,900 34,100 Accumulated Depreciation - Fum. & Fixt Office Equipment Accumulated Depreciation - Office Eaomt Note Payable Accounts Payable Leonard Capital Leonard Drawing Sales Sales Returns 3,100 15,500 1,500 20,000 94,750 265,000 9,500 572,875 11,000 6,400 390,750 5,415 Sales Discount Purchases Freight in Purchase Retuns 3,630 6,885 Purchase discount Salaries Expense Rent Expense Insurance expense Office supplies expense Rental Income 99.550 24,000 5,250 2.200 5,000 21 D 76 000

Based on the following adjusted trial balance of Lyndon Company on December 31, 20OC, the end of the accounting period: P 67,075 70,000 176,500 Cash Note Receivable Accounts Receivable Allowance for Bad Debts Merchandise Inventory, Jan. 1 Fumiture & Fixtures 5,400 60,900 34,100 Accumulated Depreciation - Fum. & Fixt Office Equipment Accumulated Depreciation - Office Eaomt Note Payable Accounts Payable Leonard Capital Leonard Drawing Sales Sales Returns 3,100 15,500 1,500 20,000 94,750 265,000 9,500 572,875 11,000 6,400 390,750 5,415 Sales Discount Purchases Freight in Purchase Retuns 3,630 6,885 Purchase discount Salaries Expense Rent Expense Insurance expense Office supplies expense Rental Income 99.550 24,000 5,250 2.200 5,000 21 D 76 000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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