PART B The Accounting Cycle Bushra\'s Beauty Salon, Inc. ADJUSTED TRIAL BALANCE-

Question

PART B The Accounting Cycle Bushra's Beauty Salon, Inc. ADJUSTED TRIAL BALANCE- December 31 No. Debit 44,000 Credit 100 120 130 135 140 170 175 210 220 230 240 310 320 330 410 420 520 540 560 Accounts receivable Note receivable Interest receivable 8,500 90,000 Supply inventory Equipment Accumulated depreciation Accounts payable Notes payable Interest payable Unearned Service Revenue Common stock s 7,000 2,000 20,000 1,000 100,000 Retained earnings, beginning Dividends Revenue Interest revenue Depreciation expense 500 25,000 7. 4,000 1,000 Supply expense Interest expense Total 155,000 155,000 Use amounts above from the adjusted trial balance of Bushra's Beauty Salon, Inc. to answer the next 5 questions. 010 Compute net income reported on the income statement. 011 Compute total assets reported on the year-end balance sheet 012 Compute retained earnings reported on the year end balance sheet. 013 Compute total stockholders' equity reported on the year-end balance sheet. $ Q14 In the Adjusted Trial Balance reported above, which accounts that must be closed at the end of the year. (A. #100_ #175 B. #210-#320 C. #330-#560 D. All of the accounts need to be closed

Explanation / Answer

STATEMENT OF INCOME Amount $ Revenue 25,000 Less: Operating expense    Depreciation 7,000 Supplies expense 4,000 Interest expense 1,000 12000 Net Income Earned 13000 STATEMENT OF RETAINED EARNIGS Amount $ Beginning Balance 0 Less: Dividend 500 Add: Net income earned 13,000 Ending Balance 12,500 BALANCE SHEET Amount $ ASSETS: Current Assets: Cash 44,000 Supplies 8500 52500 Fixed Assets: Equipment 90,000 Less: Accumulated Dep 7,000 83,000 TOTAL ASSETS 135,500 LIABILITIES: Current Liabilities: Accounst Payable 2,000 Interest payable 1,000 3,000 Long term notes payable 20,000 Owner's equity Cmmon Stock 100,000 Retained earnigs 12,500 112,500 TOTAL LIABILITIES 135,500 Req a; Net income is $ 13000 Req b: Total assets is $ 135,500 Req c; Retained earnings is $ 12,500 Req d: Total Stockholder's equity: $ 112,500 Req e: Answer is C: 330-560

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