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

Question

PARTB The Accounting Cycle Bushra's Beauty Salon, Inc. ADJUSTED TRIAL BALANCE- December 31 No. 100 120 130 135 140 170 175 210 220 230 240 310 320 Account Cash Accounts receivable Note receivable Interest receivable Supply inventory Equipment Accumulated depreciation Accounts payable Notes Interest payable Unearned Service Revenue Common stock Retained earnings, beginning Debit Credit 44,000 8,500 90,000 $ 7,000 2,000 20,000 1,000 0. 100,000 payable 500 330 Dividends 25,000 410 420 520 540 560 Revenue Interest revenue Depreciation expense Supply expense Interest expense 7,000 4,000 1,000 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 Q10 Compute net income reported on the income statement. Q11 Compute total assets reported on the year-end balance sheet. 12 Compute retained earnings reported on the year end balance sheet. 013 Compute total stockholders' equity reported on the year -end balance sheet. $ 14 In the Adjusted Trial Balance reported above, which accounts that must be closed at the end of the year. (A. # 100-817S B #210-#3 20 c. r330-s60 D. All of the accounts need to be closed

Explanation / Answer

Q10) Net income = 25000-7000-4000-1000 = 13000

Q11) Total assets = 44000+8500+(90000-7000) = 135500

Q12) Retained earnings = 13000-500 = 12500

Q13) Total stockholder's equity = 12500+100000 = 112500

Q14) c) $330-#560

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