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Chapter 4: Q19E (page 223)

The unadjusted trial balance of Data Solution at November 30, 2018, follows: DATA SOLUTION Unadjusted Trial Balance November 30, 2018 Account Title Prepaid Rent Cash Debit Credit Accounts Receivable Office Supplies Equipment Accumulated Depreciation鈥擡quipment Accounts Payable Salaries Payable Common Stock Dividends Service Revenue Depreciation Expense鈥擡quipment Salaries Expense Rent Expense Utilities Expense Supplies Expense Balance \( 4,400 \) 48,300 \( 48,300 5,100 \) 1,500 30,200 32,900 8,800 2,900 2,100 3,100 1,800 3,100 700 Additional information at November 30, 2018: a. Accrued Service Revenue, \(800. b. Depreciation, \)350. c. Accrued Salaries Expense, \(650. d. Prepaid Rent expired, \)700. e. Office Supplies used, $550. Requirements 1. Complete Data Solution鈥檚 worksheet for the month ended November 30, 2018. 2. How much was net income for November?

Short Answer

Expert verified

(1) Worksheet are as follows:

Prepaid

Rent

1,800

700

1,100

1,100

Office

Supplies

3,100

550

2,550

2,550

Equipment

30,200

30,200

30,200

Accumulated Depreciation鈥擡quipment

$1,500

$350

$1,850

$1,850

Accounts Payable

5,100

5,100

5,100

Salaries Payable

650

650

650

Common Stock

32,900

32,900

32,900

Dividends

2,900

2,900

2,900

Service Revenue

8,800

800

9,600

$9,600

Depreciation Expense鈥擡quipment

350

350

$350

Salaries Expense

2,100

650

2,750

2,750

Rent

Expense

700

700

700

Utilities Expense

700

700

700

Supplies Expense

550

550

550

Total

$48,300

$48,300

$3,050

$3,050

$50,100

$50,100

$5,050

$9,600

$45,050

$40,500

Net Income

4,550

4,550

Total

$9,600

$9,600

$45,050

$45,050

(2) Net Income is $4,550.

Step by step solution

01

Explanation on Worksheet

Worksheet is a document which is prepared internally that represents the summary of data, which is used in preparation of financial statements.

02

Calculation of net Income

Net income is calculated as follows:

NetIncome=TotalRevenues-TotalExpenses=$9,600-$5,050=$4,550

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Most popular questions from this chapter

Benson Auto Repair had the following account balances after adjustments. Assume all accounts had normal balances.

Cash \( 4,000 Common Stock \) 20,000

Accounts Receivable 3,200 Retained Earnings, January 1 15,700

Prepaid Rent 1,900 Dividends 2,100

Office Supplies 3,000 Service Revenue 1,600

Equipment 34,800 Depreciation Expense鈥擡quipment 300

Accumulated Depreciation鈥擡quipment 1,600 Salaries Expense 800

Accounts Payable 5,400 Rent Expense 500

Notes Payable (long-term) 7,000 Utilities Expense 600

Supplies Expense 100

14. Prepare the closing entries for Benson at December 31.

15. What is the balance of Retained Earnings after closing entries have been recorded? (Use a T-account to determine the balance.)

Refer to the data in Short Exercise S4-1. Prepare Dalton鈥檚 classified balance sheet at December 31, 2018. Assume the Notes Payable is due on December 1, 2025. Use the report form.

What types of accounts are listed on the post-closing trial balance?

The adjusted trial balance of Rocket Real Estate Appraisal at June 30, 2018, follows: ROCKET REAL ESTATE APPRAISAL Adjusted Trial Balance June 30, 2018Account Title Office Supplies Cash Debit Credit Accounts Receivable Prepaid Insurance Building Accumulated Depreciation鈥擝uilding Land Accounts Payable Interest Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Common Stock Dividends Retained Earnings Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Balance \( 5,000 \) 178,100 \( 178,100 12,800 \) 25,200 71,000 8,000 1,000 2,100 37,000 25,800 5,500 1,600 1,700 18,700 5,000 33,000 48,100 4,100 32,000 600 8,000 2,900 7,100 Utilities Expense Depreciation Expense鈥擝uilding Total . Requirements 1. Prepare the company鈥檚 income statement for the year ended June 30, 2018. 2. Prepare the company鈥檚 statement of retained earnings for the year ended June 30, 2018. 3. Prepare the company鈥檚 classified balance sheet in report form at June 30, 2018. 4. Journalize the closing entries. 5. Open the T-accounts using the balances from the adjusted trial balance, and post the closing entries to the T-accounts. 6. Prepare the company鈥檚 post-closing trial balance at June 30, 2018.

For each account listed, identify whether the account would be included on a post-closing trial balance. Signify either Yes (Y) or No (N). a. Office Supplies b. Interest Expense c. Retained Earnings d. Dividends e. Service Revenue f. Accumulated Depreciation鈥擣urniture g. Rent Expense h. Unearned Revenue i. Accounts Payable
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