The adjusted trial balance of Stones Sign Company follows: STONE SIGN COMPANY Adjusted Trail Balcones January 31,2018
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Question:
The adjusted trial balance of Stones Sign Company follows:
STONE SIGN COMPANY Adjusted Trail Balcones January 31,2018 | ||
| ||
| - | Balance |
Account Title | Debit | credit |
Cash | $15,400 |
|
Office Supplies | 1,500 |
|
Prepared Rent | 1,400 |
|
Equipment | 60,000 |
|
Accumulated Depreciation –Equipment |
| $7,000 |
Accounts payable |
| 3,800 |
Salaries Payable |
| 100 |
Unarmed Revenue |
| 4,200 |
Notes payable (long -term) |
| 4,300 |
Common stock |
| 48,800 |
Dividends | 800 |
|
Service Revenue |
| 17,300 |
Salaries Expense | 3,700 |
|
Rent Expense | 1,400 |
|
Depreciation Expense- Equipment | 400 |
|
Supplies Expense | 300 |
|
Utilities Expenses | 600 |
|
Total | $85,500 | $85,500 |
Requirements:
- Assume Stone Sign Company has a January 31 year-end. Journalize Stone’s closing entries at January 31.
- How much net income or net loss did Stone Sign Company earn for the year ended January 31? How can you tell?
Related Book For
Horngrens Financial and Managerial Accounting The Financial Chapters
ISBN: 978-0134486857
6th edition
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
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