Consider the following adjusted trial balance for Butler Industries at December 31, 2021: Debit Credit Cash...

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Consider the following adjusted trial balance for Butler Industries at December 31, 2021: Debit Credit Cash $55,500 Accounts recelvable 18,500 Inventory 84,000 Prepaid expenses 15,000 Equipment 650,000 Accumulated depreciation - equipment $375,000 Accounts payable 15.000 Unearned revenue 5,500 Long term notes payable 340,000 Common stock 56,000 27,500 Retained earnings Dividends 2,500 Service revenue 799,000 Rent expense 455,000 Wages expense 286,500 Utilities expense 51.000 Total $1,618,000 $1,618,000 a. What amount would Butler report for net income on its 2021 income statement? b. What amount would Butler report for total assets on its December 31, 2021 balance sheet? c. What amount would Butler report for retained earnings on its December 31, 2021 balance sheet? Show your calculations for any partial credit - where earned - to be awarded. MacBook Pro Consider the following adjusted trial balance for Butler Industries at December 31, 2021: Debit Credit Cash $55,500 Accounts recelvable 18,500 Inventory 84,000 Prepaid expenses 15,000 Equipment 650,000 Accumulated depreciation - equipment $375,000 Accounts payable 15.000 Unearned revenue 5,500 Long term notes payable 340,000 Common stock 56,000 27,500 Retained earnings Dividends 2,500 Service revenue 799,000 Rent expense 455,000 Wages expense 286,500 Utilities expense 51.000 Total $1,618,000 $1,618,000 a. What amount would Butler report for net income on its 2021 income statement? b. What amount would Butler report for total assets on its December 31, 2021 balance sheet? c. What amount would Butler report for retained earnings on its December 31, 2021 balance sheet? Show your calculations for any partial credit - where earned - to be awarded. MacBook Pro

Answer rating: 100% (QA)

Part a Net income Service Revenue rent expense wages expense utiliti... View the full answer