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iren [92.7K]
4 years ago
5

The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Accumulated Depreciation $2,783 Fee

s Earned 14,403 Depreciation Expense 1,343 Insurance Expense 513 Prepaid Insurance 4,756 Supplies 1,238 Supplies Expense 3,322 Net income for the period is a.$19,581 b.$9,225 c.$6,442 d.$5,178
Business
1 answer:
olga55 [171]4 years ago
7 0

Answer:

b. $ 9,225

Explanation:

The net income needs to be computed considering the revenue and expenses items from the data provided.

Revenues

Fees earned                                                              $ 14,403

Expenses

Depreciation expenses                 $  1,343

Insurance expenses                      $     513

Supplies expenses                        <u>$  3,322</u>

Total expenses                                                          <u>$   5.178</u>

Net income                                                                 $ 9,225

The other items in the question i.e. Accumulated depreciation, Prepaid insurance and Supplies are balance sheet items and are not considered in determining the net income

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<h3>Method 1</h3>

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Year          MARCS Depreciation Rate                    Depreciation

1                        0.3333                           94250*0.3333 = 31413.525  

2                       0.4445                           94250*0.4445 = 41894.125&#10;

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<h3>Method 2</h3>

In this method, we add up the depreciation rates and deduct from 1. We then find the product of this number and the cost of the equipment to arrive at the current book value.

Current Book Value = [1 - (0.3333+0.4445+0.1481)]*94250

Current Book Value = [1 - (0.9259)]*94250

Current Book Value = [0.0741]*94250

\mathbf{Current Book Value = 6983.925&#10;}

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