Brighton, a sole proprietorship began operation on March 1 of the current year. The following account...
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Brighton, a sole proprietorship began operation on March 1 of the current year. The following account balances were extracted from the general ledger on March 31; all accounts have normal balances. Accounts Payable Accounts Receivable Advertising Expense Bob Brighton, Owners Equity Cash Fees Earned $ 12,000 Interest Expense 8,800 Land 5,700 Loan Payable 30,000 Salaries Expense 22.500 Utilities Expense 18,900 $ 300 2 26,000 11,100. 700 a. Determine the cost of the company's land by preparing a trial balance. (Remember, the trial balance debits must equal the credits, see Exhibit 2.9) b. Determine the firm's net income for the period ending March 31. Brighton, a sole proprietorship began operation on March 1 of the current year. The following account balances were extracted from the general ledger on March 31; all accounts have normal balances. Accounts Payable Accounts Receivable Advertising Expense Bob Brighton, Owners Equity Cash Fees Earned $ 12,000 Interest Expense 8,800 Land 5,700 Loan Payable 30,000 Salaries Expense 22.500 Utilities Expense 18,900 $ 300 2 26,000 11,100. 700 a. Determine the cost of the company's land by preparing a trial balance. (Remember, the trial balance debits must equal the credits, see Exhibit 2.9) b. Determine the firm's net income for the period ending March 31.
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a Accounts Receivable 8800 Accounts Payable 12000 Ad... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0324645576
10th edition
Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice
Posted Date:
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