Q19E The unadjusted trial balance of ... [FREE SOLUTION]

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?

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.

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

Net income is calculated as follows:

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

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