Use the adjusted trial balance for the Stockton company below to answer the questions that follow.
Adjusted Trial Balance
December-31
Cash
$6,530
Accounts Receivable
$2,100
Prepaid Expenses
$700
Equipment
$13,700
Accumulated Depreciation
$1,100
Accounts Payable
$1,900
Notes Payable
$4,300
Bob Steely, Capital
$12,940
Bob Steely, Withdrawals
$790
Fees Earned
$9,250
Wages Expense
$2,500
Rent Expense
$1,960
Utilities Expense
$775
Depreciation Expense
$250
Miscellaneous Expense
$185
Totals
$29,490
$29,490
Determine the net income (loss) for the period.
a. net income $9,250
b. net loss $790
c. net loss $5,670
d. net income $3,580
Use the adjusted trial balance for the Stockton company below to answer the questions that follow.
| Adjusted Trial Balance | ||
| December-31 | ||
| Cash | $6,530 | |
| Accounts Receivable | $2,100 | |
| Prepaid Expenses | $700 | |
| Equipment | $13,700 | |
| Accumulated Depreciation | $1,100 | |
| Accounts Payable | $1,900 | |
| Notes Payable | $4,300 | |
| Bob Steely, Capital | $12,940 | |
| Bob Steely, Withdrawals | $790 | |
| Fees Earned | $9,250 | |
| Wages Expense | $2,500 | |
| Rent Expense | $1,960 | |
| Utilities Expense | $775 | |
| Depreciation Expense | $250 | |
| Miscellaneous Expense | $185 | |
| Totals | $29,490 | $29,490 |
Determine the net income (loss) for the period.
a. net income $9,250
b. net loss $790
c. net loss $5,670
d. net income $3,580
Related questions
Use the adjusted trial balance for Stockton Company below toanswer the questions that follow.
Stockton Company | ||
Adjusted Trial Balance | ||
December 31 | ||
| Cash | 7,530 | |
| Accounts Receivable | 2,100 | |
| Prepaid Expenses | 700 | |
| Equipment | 13,700 | |
| Accumulated Depreciation | 1,100 | |
| Accounts Payable | 1,900 | |
| Notes Payable | 4,300 | |
| Common Stock | 1,000 | |
| Retained Earnings | 12,940 | |
| Dividends | 790 | |
| Fees Earned | 9,250 | |
| Wages Expense | 2,500 | |
| Rent Expense | 1,960 | |
| Utilities Expense | 775 | |
| Depreciation Expense | 250 | |
| Miscellaneous Expense | 185 | â |
Totals | 30,490 | 30,490 |
â
Determine the retained earnings ending balance.
Select one:
a.
$15,730
b.
$6,480
c.
$21,400
d.
$12,150
Finders Investigative Services is an investigative services firmthat is owned and operated by Stacy Tanner. On June 30, 2016, theend of the fiscal year, the accountant for Finders InvestigativeServices prepared an end-of-period spreadsheet, a part of whichfollows:
Required: | |||||
|---|---|---|---|---|---|
Finders Investigative Services | |||||
End-of-Period Spreadsheet | |||||
For the Year Ended June 30, 2016 | |||||
~ | Adjusted Trial Balance | ||||
Account Title | ~ | Dr. | Cr. | ||
~ | |||||
Cash | ~ | 20,300 | |||
Accounts Receivable | ~ | 69,400 | |||
Supplies | ~ | 4,600 | |||
Prepaid Insurance | ~ | 2,500 | |||
Building | ~ | 434,000 | |||
Accumulated Depreciation-Building | ~ | 42,000 | |||
Accounts Payable | ~ | 11,600 | |||
Salaries Payable | ~ | 3,000 | |||
Unearned Rent | ~ | 1,800 | |||
Stacy Tanner, Capital | ~ | 372,000 | |||
Stacy Tanner, Drawing | ~ | 11,900 | |||
Service Fees | ~ | 708,650 | |||
Rent Revenue | ~ | 11,900 | |||
Salaries Expense | ~ | 523,900 | |||
Rent Expense | ~ | 47,600 | |||
Supplies Expense | ~ | 10,800 | |||
Depreciation Expense-Building | ~ | 7,500 | |||
Utilities Expense | ~ | 7,250 | |||
Repairs Expense | ~ | 2,800 | |||
Insurance Expense | ~ | 2,800 | |||
Miscellaneous Expense | ~ | 5,600 | |||
~ | 1,150,950 | 1,150,950 | |||
1. | Prepare an income statement, a statement of ownerâs equity (noadditional investments were made during the year), and a balancesheet. * | ||||
2. | Journalize the entries that were required to close the accountsat June 30. * | ||||
3. | If Stacy Tanner, Capital has instead decreased $30,000 after theclosing entries were posted, and the withdrawals remained the same,what would have been the amount of net income or net loss?
| ||||
Finders Investigative Services is an investigative services firmthat is owned and operated by Stacy Tanner. On June 30, 2016, theend of the fiscal year, the accountant for Finders InvestigativeServices prepared an end-of-period spreadsheet, a part of whichfollows: Finders Investigative Services End-of-Period SpreadsheetFor the Year Ended June 30, 2016 ~ Adjusted Trial Balance AccountTitle ~ Dr. Cr. ~ Cash ~ 20,300 Accounts Receivable ~ 69,400Supplies ~ 4,600 Prepaid Insurance ~ 2,500 Building ~ 434,000Accumulated Depreciation-Building ~ 42,000 Accounts Payable ~11,600 Salaries Payable ~ 3,000 Unearned Rent ~ 1,800 Stacy Tanner,Capital ~ 372,000 Stacy Tanner, Drawing ~ 11,900 Service Fees ~708,650 Rent Revenue ~ 11,900 Salaries Expense ~ 523,900 RentExpense ~ 47,600 Supplies Expense ~ 10,800 DepreciationExpense-Building ~ 7,500 Utilities Expense ~ 7,250 Repairs Expense~ 2,800 Insurance Expense ~ 2,800 Miscellaneous Expense ~ 5,600 ~1,150,950 1,150,950 Required: 1. Prepare an income statement, astatement of ownerâs equity (no additional investments were madeduring the year), and a balance sheet. * 2. Journalize the entriesthat were required to close the accounts at June 30. * 3. If StacyTanner, Capital has instead decreased $30,000 after the closingentries were posted, and the withdrawals remained the same, whatwould have been the amount of net income or net loss? * Be sure toread the instructions for each financial statement carefully. Referto the chart of accounts and the list of Labels and AmountDescriptions provided for the exact wording of the answer choicesfor text entries.
