TRIAL BALANCE FOR PROBLEMS 1-3 Presented below is an alphabetical list of 2017 p
ID: 2329316 • Letter: T
Question
TRIAL BALANCE FOR PROBLEMS 1-3 Presented below is an alphabetical list of 2017 pre-closing account balances of Eagles Corp, a merchandising company. Assume all accounts have normal balances Accounts Accounts Payable Accounts Receivable Accumulated Depreciation - Building:s Administrative and General Expenses Buildings Balance 2,000 4,500 7,000 4,625 36,500 10,000 12,500 1,750 2,000 500 Common Stock Depreciation Expense - Buildings Dividends (Common Stock) Interest Expense Prepaid Rent Retained Earnings, Beginning Balance for 2016 Sales Revenue Selling Expenses Unearned Revenue 1,000 16,500 126,500 45,500 2,125Explanation / Answer
Net Income of Eagle Corp for 2017 is calculated as follows
Income Statement of Eagle Corp for 2017 (Amounts in $)
Therefore the net income for Eagle Corp in 2017 is $74,125.
Sales Revenue (A) 126,500 Expenses:- Selling Expenses 45,500 Administration and General Expenses 4,625 Depreciation Expense - Buildings 1,750 Interest Expense 500 Total Expenses (B) 52,375 Net Income (A-B) 74,125Related Questions
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