, 20D, he accbunt balances of Schilling Equipment Repair were as follows. U oooe
ID: 2400517 • Letter: #
Question
, 20D, he accbunt balances of Schilling Equipment Repair were as follows. U oooenibe No. 101 Cash No. $ 2,440 154 Accumulated Depreciation- Equipment 112 Accounts 126 Supplies 153 Equipment 4,240 201 Accounts Payable 1,800 11,580 $ 1,930 2,620 1,210 Receivable 209 Unearned Service Revenue 212 Salaries and Wages Payable 311 Common Stock 320 Retained Earnings 9,616 3,950 $20,060 $20,060 During November, the following summary transactions were completed. Nov. 8 Paid $1,730 for salaries due employees, of which $734 is for October salaries. 10 Received $3,370 cash from customers on account. 12 Received $3,050 cash for services performed in November. 15 Purchased equipment on account $1,970. 17 Purchased supplies on account $720. 20 Paid creditors on account $2,700. 22 Paid November rent $450. 25 Paid salaries $1,730. 27 Performed services on account and billed customers $1,900 for these services 29 Received $600 from customers for future service.Explanation / Answer
Net Income = Revenue - ( Salaries expense + Supplies expense + Rent expense+ Depreciation )
= [ 3374 + 1900 + 1270] - [( 734 + 1730 + 367) + (1800 + 720 - 1370) + 450 + 193 ]
= 6544 - ( 2831 + 1150 + 450 + 193)
= 1920
SCHILLING EQUIPMENT REPAIR Retained earnings statement For the Month ended November 30 Retained Earnings at beg 3950 Add: Net Income 1920 Retained earnings Transferred to Equity 5870Related Questions
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