Question: In the adjusted trial balance of Stargate Consulting Co for
In the adjusted trial balance of Stargate Consulting Co. for the current year, expenses are $192,700 and the revenues total $239,300. In preparing the income statement from the adjusted trial balance, what is the amount of net income or net loss?
Answer to relevant QuestionsAfter the accounts have been adjusted at December 31, the following balances were taken from the ledger of Lake Landscaping Co.: Brian Orr, Capital ........... $956,400 Brian Orr, Withdrawals ......... 45,000 Fees Earned ...The total balance in Accounts Receivable is $3,412. The balance in the Accounts Receivable related to amounts accrued at year-end is $782. Journalize the optional reversing entry required at the beginning of the next year. Colossal Realty Co. pays weekly salaries of $29,100 on Monday for a six-day workweek ending the preceding Saturday. Colossal used the option of recording reversing entries at the beginning of the year. a. Journalize the ...Refer to Surf Suds Laundry in Problem 4-4A. After completing instruction 1, enter the unadjusted trial balance for Surf Suds Laundry on an end-of-period spreadsheet (work sheet) and complete the spreadsheet. Add the accounts ...The unadjusted trial balance of Loose Leaf Co. at December 31, 2015, is shown below. The data needed to determine year-end adjustments are as follows: a. Supplies on hand at December 31 are $1,500. b. Insurance premiums ...
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