cornell products trial balance December 31.2011 Cash 15,500 Accounts receivable
ID: 2376383 • Letter: C
Question
cornell products
trial balance
December 31.2011
Cash 15,500
Accounts receivable 12,750
office equipment 22,500
Accummulated depreciation 6,000
accounts payable 7,750
capital stock 22,500
retained earnings ****
dividends 7,500
service fees earned 45,500
salaries expense 16,000
advertising expense 3,250
depreciation expense 4,250
81,750 81,750
Refer to the information above. Net income for the period equals:
a.$11,600.
b.$22,500.
c.$36,750.
d.$22,000.
Refer to the information above. After closing the accounts, Retained earnings at December 31 equals:
a.$22,500.
b.$14,500.
c.$22,000.
d.zero.
Refer to the information above. The total debits in the After-Closing Trial Balance will equal:
a.$58,250.
b.$31,000.
c.$23,500.
d.$50,750.
Explanation / Answer
Refer to the information above. Net income for the period equals:
d.$22,000.
Refer to the information above. After closing the accounts, Retained earnings at December 31 equals:
b.$14,500.
Refer to the information above. The total debits in the After-Closing Trial Balance will equal:
d.$50,750.
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