These partially completed Income Statement columns from a 10-column work sheet are for Browns Bike Rental Company.
Question:
These partially completed Income Statement columns from a 10-column work sheet are for Brown’s Bike Rental Company.
(1) Use the information to determine the amount that should be entered on the net income line of the work sheet.
(2) Prepare the company’s closing entries. The owner, H. Brown, did not make any withdrawals thisperiod.
Transcribed Image Text:
Account Title Rent earned . Salaries expense Insurance expense Debit Credit 20,000 .._..46,300 . ..16,000 4,200 20,500 ce supplies expense ....- Bike repair expense Depreciation expense-Bikes Totals Net income . ._ _ . . . Totals
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 90% (11 reviews)
1 Work Sheet Account Title Debit Credit Rent earned 120000 Salaries ...View the full answer
Answered By
Mustafa olang
Please accept my enthusiastic application to solutionInn. I would love the opportunity to be a hardworking, passionate member of your tutoring program. As soon as I read the description of the program, I knew I was a well-qualified candidate for the position.
I have extensive tutoring experience in a variety of fields. I have tutored in English as well as Calculus. I have helped students learn to analyze literature, write essays, understand historical events, and graph parabolas. Your program requires that tutors be able to assist students in multiple subjects, and my experience would allow me to do just that.
You also state in your job posting that you require tutors that can work with students of all ages. As a summer camp counselor, I have experience working with preschool and kindergarten-age students. I have also tutored middle school students in reading, as well as college and high school students. Through these tutoring and counseling positions, I have learned how to best teach each age group. For example, I created songs to teach my three-year-old campers the camp rules, but I gave my college student daily quizzes to help her prepare for exams.
I am passionate about helping students improve in all academic subjects. I still remember my excitement when my calculus student received her first “A” on a quiz! I am confident that my passion and experience are the qualities you are looking for at solutionInn. Thank you so much for your time and consideration.
4.80+
2+ Reviews
10+ Question Solved
Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Question Posted:
Students also viewed these Accounting questions
-
For each of the following, determine the amount that should be included in gross income: a. Peyton was selected the most valuable player in the Super Bowl. In recognition of this, he was awarded an...
-
Consider the following partially completed income statement performance report for Gaje, Inc. Requirement 1. Complete the flexible budget variance analysis by filling in the blanks in the partial...
-
What guidelines could be used to determine the amount that individuals should spend for a home purchase?
-
Find the area between the parabolas y = 2x 2 + 1 and y = x 2 + 5.
-
Who should chair the Integrated Change Control process? Explain.
-
Compare and contrast a valuation engagement with a calculation engagement.
-
A four-stroke, four-cylinder spark ignition engine has the following data : Piston diameter \(=100 \mathrm{~mm} ;\) Engine runs at a speed of \(800 \mathrm{rpm}\); Length of stroke \(=200...
-
The Sports Shoe Company is a manufacturer of basketball and football shoes. The manager of marketing must decide the best way to spend advertising resources. Each football team sponsored requires 120...
-
Complete a case brief on the following cases Raglin VS HMOI, FACTS: Relevant factual circumstances of the case. ISSUE(S): Legal questions that the court is resolving (Ex: Was the hospital negligent...
-
1. Jim Adams posts the column totals and individual transactions in "Other" columns to the appropriate general ledger account and updates each general ledger account balance. He places a posting...
-
Use the following information from the Adjustments columns of a 10-column work sheet to prepare the necessary adjusting journal entries (a) through(e). Unadjusted Trial Balance Balance Sheet ome and...
-
The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31, 2013, its first year of operations. (1) Use the following information about the...
-
The equation ((x) = 12000 / 1 + 499(1.09)-x gives the total sales x days after the release of a new video game. Find each value and give a real-world meaning. a. f (20) b. f (80) c. x when f (x) =...
-
For the balance due on the purchase of a tractor, Henry Brown executed and delivered to Jane Jones his promissory note containing the following language: January 1, 2016, I promise to pay to the...
-
Margaret contracted to buy a particular model Rolls-Royce from Paragon Motors, Inc. Only one hundred of these models are built each year. She paid a $30,000 deposit on the car, but Paragon sold the...
-
On December 15, Judy wrote a letter to David stating that she would sell to David all of the mine-run coal that David might need to buy during the next calendar year for use at Davids factory,...
-
Henry Hughes, who operates a department store, executed the following instrument: $2,600 Chicago, March 5, 2016 On July 1, 2016, I promise to pay Daniel Dalziel, or order, the sum of Twenty-Six...
-
Chevron Phillips (CP) has put into place new laboratory equipment for the production of chemicals; the cost is \($1,800,000\) installed. CP borrows 45 percent of all capital needed, and the borrowing...
-
Identify the alkali metal in the fifth period.
-
A spacecraft has left the earth and is moving toward Mars. An observer on the earth finds that, relative to measurements made when the spacecraft was at rest, its a. length is shorter b. KE is less...
-
The state has a law mandating that pharmacists must counsel patients in certain circumstances. Your pharmacy is simply too busy to provide counseling personally and keep up with the volume; so, being...
-
Siemens AG invests 80 million to build a manufacturing plant to build wind turbines. The company predicts net cash flows of 16 million per year for the next 8 years. Assume the company requires an 8%...
-
Compute the payback period for each of these two separate investments (round the payback period to two decimals): a. A new operating system for an existing machine is expected to cost $260,000 and...
-
Wenro Company is considering the purchase of an asset for $90,000. It is expected to produce the following net cash flows. The cash flows occur evenly throughout each year. Compute the payback period...
-
How do the resource descriptions (typing) used in the Incident Command System lead to a more effective response?
-
A company incurs $4172000 of overhead each year across three departments: Ordering and Receiving, Mixing, and Testing. The company prepares 2000 purchase orders, works 50000 mixing hours, and...
-
Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory March 14 March 15 July 30 Sales Purchase Sales...
Study smarter with the SolutionInn App