The subtotals of the Income Statement columns of the work sheet are Debit Column: $5,500 and Credit Column: $6,900. If the subtotal of the Balance Sheet Debit column is $9,600, then the subtotal of the Balance Sheet Credit column should be: $1,400 $11,000 $8,200 $6,800
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- If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customers ending balance for the month would show a (debit or credit) of how much?The income statement section of the worksheet shows total debits of $1,300 and total credits of $2,500. The income statement will show:After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the Debit and Credit columns are $76,310 and $99,000, respectively. What is the amount of the net income or net loss for the period? a.$22,690 of net income b.$76,310 of net loss c.$22,690 of net loss d.$99,000 of net income
- Castile Inc. had a beginning balance of $2,300 in its Accounts Receivable account. The ending balance of Accounts Receivable was $3,000. During the period, Castile recognized $37,000 of revenue on account. Castile’s Salaries Payable account has a beginning balance of $1,800 and an ending balance of $1,200. During the period, the company recognized $33,800 of accrued salary expense. Required a. Based on the information provided, determine the amount of net income. b. Based on the information provided, determine the amount of net cash flow from operating activities.After all of the account balances have been extended to the Income Statement columns of the work sheet, the totals of the Debit and Credit columns are $70,800 and $97,750, respectively. What is the amount of the net income or net loss for the period? Oa. $26,950 of net income Ob. $26,950 of net loss Oc. $70,800 of net loss Od. $97,750 of net incomeotals of various columns from the work sheet are shown below. What is the net income or loss? Income Statement Balance Sheet Debit Credit Debit Credit $8,500 $6,750 $4,300 $6,050 Net loss of $4,300 Net income of $4,300 Net income of $1,750 Net loss of $1,750
- After all of the account balances have been extended to the Balance Sheet columns of the work sheet, the totals of the Debit and Credit columns are $32,858 and $20,582, respectively. What is the amount of net income or net loss for the period? a.$20,582 of net income b.$12,276 of net loss c.$32,858 of net loss d.$12,276 of net incomePrepare the income statement and balance sheet for Ram-o-fun International. Use the accounts listed below to construct the statements. List of Accounts for RAM-O-FUN International FOR INCOME STATEMENT Insurance Expenses 40,000 Interest Expenses 14,000 Net Sales 1,100,000 COGS 99,400 Advertising Expense 190,000 Salaries 180,000 Utilities 6,800 FOR BALANCE SHEETCash 800,000Accounts Receivable 130,000Notes Receivable 45,000Land 1,000,000Buildings 1,050,000Equipment & Vehicles 650,000Accounts Payable 45,000Short-Term Notes Payable 10,000Notes Payable (Long‑Term) 105,000Bonds Payable 40,000Common Stock 1,975,000Retained Earnings 1,500,000The ledger of Claudell Company includes the following unadjusted normal balances: Prepaid Rent $1,000, Services Revenue $55,600, and Wages Expense $5,000. Adjustments are required for (a) prepaid rent expired $200; (b) accrued services revenue $900; and (c) accrued wages expense $700. Prepare a 10-column worksheet with six rows for the following accounts: Prepaid Rent, Services Revenue, Wages Expense, Accounts Receivable, Wages Payable, and Rent Expense. Enter the unadjusted balances and the necessary adjustments on the work sheet and complete the work sheet for these accounts.
- You are given the following list of accounts with dollar amounts: Rent Expense- $450 Cash-$1,725 Service Revenue- $750 M. Powell, Withdrawals-$375 Accounts Payable-$600 M. Powell, Capital-$1,200 Insert each account name at the top of a corresponding T account as shown in the attached image, and enter the dollar amount as a normal balance in the account. Then show that the accounting equation is in balance.Please help me prepare an income statement for this: ACCOUNT AMOUNT Revenue 500,000 Cost of Good Sold 300,000 Wage Expense 100,000 Rent Expense 30,000 Supplies Expense 20,000 Utilities Expense 10,000 Promotion Expense 50,000The first two closing entries to the Income Summary account indicate a debit of $53,000 and a credit of $64,000. The third closing entry would be: Multiple Choice debit Capital $11,000; credit Income Summary $11,000 debit Income Summary $11,000; credit Capital $11,000 debit Drawing $11,000; credit Income Summary $11,000 debit Income Summary $11,000; credit Drawing $11,000