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Rasek [7]
3 years ago
5

The net income reported on the income statement is $58,000. However, adjusting entries have not been made at the end of the peri

od for supplies expense of $2,200 and accrued salaries of $1,300. Net income, as corrected, is
Business
1 answer:
nlexa [21]3 years ago
8 0

Answer:

The corrected Net income = $54,500                      

Explanation:

Net income is defined as the total profits earned by an individual from a business venture. It is equal to the difference between the gross income and the expenses involved including cost of supplies and accrued salaries.

Given: net income = $58,000

Entries not made include supplies expense = $2,200 and accrued salaries = $1,300

Therefore, the corrected net income = net income - expenses = $58,000 - ($2,200 + $1,300) = $54,500    

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3 years ago
Identify which accounts should be closed on May 31.
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Answer:

Cash   ___________________ Not Closed

Supplies _________________Not Closed

Prepaid Insurance _________ Not Closed

Land  ___________________Not Closed  

Buildings ________________Not Closed

Equipment _______________Not Closed

Accounts Payable _________ Not Closed

Unearned Rent Revenue ____Not Closed

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Common Stock ___________Not Closed

Rent Revenue ____________Closed

Salaries and Wages Expense_Closed

Utilities Expense __________ Closed

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Explanation:

In accounting, there are two types of accounts

  1. Temporary
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Temporary

Temporary accounts are closed at the end of each accounting period and new balance are maintained for the new period.

Expense and Income accounts are temporary accounts and these accounts are closed in the retained earning account of the balance share.

In this question following accounts are temporary accounts and these are needed to be closed at the end of the period.

Rent Revenue  

Salaries and Wages Expense

Utilities Expense  

Advertising Expense

Interest Expense

Insurance Expense

Supplies Expense  

Depreciation Expense

Permanent Accounts

Permanent accounts are not closed at the end of each accounting period and they carried their net and accumulated balance in the next period.

Assets, Equity, and Liabilities accounts are permanent accounts.

In this question following accounts are permanent accounts

Cash    

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2 years ago
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c

explanation:

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See explanation below as attached.

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5 0
3 years ago
Andalus Furniture Company has two manufacturing plants, one at Aynor and another at Spartanburg. The cost in dollars of producin
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Answer:

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Explanation:

we need to build the following:

    A              B           C

           units    COST

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