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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

NET INCOME AND CHANGE IN OWNER’S EQUITY Refer to the trial balance of Kohl’s Home Repair in Problem 3-13A to determine the following information. Use the format provided below.

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1. a

To determine

Determine the total revenue for the month of May.

Explanation

Revenue is known as “Top line” because it appears very top on the income statement of the company. It is used to imply profits or net income (bottom line) of the company by subtracting the total expenses from total revenues.

Determine the total revenue for the month of May:

Total revenue for the month of May = (Service revenue +

1.b

To determine

Determine the total expenses for the month of May.

1.c

To determine

Determine the net income for the month of May.

2.a

To determine

Determine the amount of ending owner’s equity.

2.b

To determine

Show the accounting equation for the end of month.

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