The Adjusted Trial Balance columns of a work sheet for Planta Company follow. Complete the work sheet
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The Adjusted Trial Balance columns of a work sheet for Planta Company follow. Complete the work sheet by extending the account balances into the appropriate financial statement columns and by entering the amount of net income for the reporting period.
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No. Account Title 101 Cash 106 Accounts receivable 153 Trucks 154 Accumulated depreciation-Trucks 183 Land 201 Accounts payable 209 Salaries payable 236 Unearned revenue 307 Common stock 318 Retained earnings 319 Dividends 403 Plumbing revenue 611 Depreciation expense-Trucks 622 Salaries expense 640 Rent expense 677 Miscellaneous expenses Totals Net income Totals Adjusted Trial Balance Dr. $ 7,000 27,200 42,000 32,000 15,400 6,500 38,000 13,000 8,700 $189,800 Cr. $ 17,500 15,000 4,200 3,600 10,000 55,500 84,000 $189,800 Income Statement Dr. Cr. Balance Sheet Dr. Cr.
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Lets do the calculations The totals for the Income Statement are as follows Debit Total Expenses 66200 Credit Total Revenues 84000 The Net Income for ...View the full answer
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