Question : 141. Given the trial balance amounts below, compute net income. Common stock…….$120,000Accounts : 1256634

 

 

141. Given the trial balance amounts below, compute net income.

Common stock…….$120,000Accounts payable……$25,000

Cash………………..$116,640Accounts receivable..$22,450

Supplies……………..$  1,500Office equipment……$23,300

Prepaid rent……….$3,200Unearned revenue….$  4,152

Service revenue……$20,000Utilities expense…….$     422

Beginning Shaving equipment…$31,640

retained earnings.$30,000

 

 

A. $19,578

B. $20,528

C. $23,728

D. $49,578

E. $24,578

 

142. What is total debits on thistrial balance?

Common stock…….$120,000Accounts payable……$25,000

Cash………………..$116,640Accounts receivable..$22,450

Supplies……………..$   1,500Office equipment……$23,300

Prepaid rent……….$   3,200Unearned revenue….$  4,152

Service revenue……$20,000Utilities expense…….$     422

BeginningShaving equipment…$31,640

retained earnings.$30,000

 

A. $291,340

B. $106,964

C. $199,152

D. $193,390

E. $203.152

 

 

143. Computenet income for May based on the following transactions:

 

May 1 paid $2,200 for May’s rent.

May 14  paid $1,200 for two weeks wages.

May 15  performed $5,200 in consulting services on account.

May 17  billed a customer $1,500 for services performed May 16.

May 20  received $5,200 in payment for May 15 transaction.

May 22  performed services and immediately collected $2,000.

May 31  paid $500 for advertising in the local paper to take place in June.

 

A. $10,200

B. $  5,300

C. $  8,700

D. $13,900

E. $  7,000

 

144. What would be the appropriate entry for the following transaction?

Bill Co. performed $5,200 in consulting services on account.

 

A. Credit to Cash, debit to Accounts Receivable.

B. Debit to Service Revenue, debit to Cash.

C. Debit to Accounts Receivable, credit to Cash.

D. Debit to Service Revenue, credit to Cash.

E. Debit to Accounts Receivable, credit to Service Revenue.

 

145. Which of the following items would appear on the income statement?

Common stock……$120,000Accounts payable……$25,000

Cash……………….$116,640Accounts receivable..$22,450

Supplies…………$ 1,500Office equipment……$23,300

Prepaid rent……….$ 3,200Unearned revenue….$  4,152

Service revenue…..$20,000Utilities expense…….$     422

Retained earnings…$30,000Shaving equipment…$31,640

 

A. Common stock, service revenue, retained earnings, accounts payable, and unearned revenue.

B. Cash, supplies, prepaid rent, accounts receivable, office equipment, utilities expense, and shaving equipment.

C. Common stock, cash, supplies, prepaid rent, retained earnings, accounts payable, accounts receivable, office equipment, unearned revenue, and shaving equipment.

D. Service revenue and utilities expense.

E. Service revenue, unearned revenue, and utilities expense.

 

146. Which of the following items would appear on the balance sheet?

Common stock……$120,000Accounts payable……$25,000

Cash……………….$116,640Accounts receivable..$22,450

Supplies…………$ 1,500Office equipment……$23,300

Prepaid rent……….$ 3,200Unearned revenue….$  4,152

Service revenue…..$20,000Utilities expense…….$     422

Retained earnings…$30,000Shaving equipment…$31,640

 

A. Common stock, service revenue, retained earnings, accounts payable, and unearned revenue.

B. Cash, supplies, prepaid rent, accounts receivable, office equipment, utilities expense, and shaving equipment.

C. Common stock, cash, supplies, prepaid rent, retained earnings, accounts payable, accounts receivable, office equipment, unearned revenue, and shaving equipment.

D. Service revenue and utilities expense.

E. Service revenue, unearned revenue, and utilities expense.

 

147. Which financial statements are prepared for a period of time?

A. Income statement, statement of retained earnings, balance sheet and statement of cash flows.

B. Balance sheet.

C. Income statement, statement of retained earnings, and statement of cash flows.

D. Income statement and balance sheet.

E. Statement of retained earnings and statement of cash flows.