The income statement columns on the work sheet show that totaldebits are $28,344 and total credits are $56,383. What does thisinformation mean to the accountant? Select the correct answer. Noneare correct The accounts are out of balance Net loss was $28,039Net income was $28,039
The income statement columns on the work sheet show that totaldebits are $28,344 and total credits are $56,383. What does thisinformation mean to the accountant? Select the correct answer. Noneare correct The accounts are out of balance Net loss was $28,039Net income was $28,039
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Organic Floral is an organic flower shop. After its firstquarter of operations, the companyâs accountant prepared thefollowing trial balance, in alphabetical order. The accountant alsotells you that net income for the quarter was $35,000.
Use the trial balance along with the net income information toprepare a balance sheet for Organic Floral.
Debits | Credits | |
Accounts payable | $4,600 | |
Accounts receivable | $400 | |
Bank loan for van | 26,400 | |
Cash | 26,000 | |
Common stock | 2,000 | |
Cost of goods sold | 24,000 | |
Delivery van | 36,000 | |
Gas for van | 1,000 | |
Tax expense | 4,000 | |
Insurance expense | 2,000 | |
Inventory | 7,600 | |
Prepaid insurance | 2,000 | |
Rent expense | 3,000 | |
Salaries expense | 16,000 | |
Sales | 85,000 | |
Taxes payable | 4,000 | |
Total | $122,000 | $122,000 |
