may I please have the step by step process for this problem. Fleming Investment
ID: 2544519 • Letter: M
Question
may I please have the step by step process for this problem.
Fleming Investment Advisers Unadjusted Trial Balance December 31, 2018 Balance Debit Credit Account Title $25,000 51,000 7,500 26,000 Cash Accounts Receivable Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Unearned Revenue Notes Payable (long-term) Fleming, Capital Fleming, Withdrawals Service Revenue Insurance Expense Salaries Expense Supplies Expense Interest Expense Rent Expense 19,000 14,000 0 4,500 26,000 20,500 28,000 99,000 2,500 33,000 0 3,000 7,000 0 Depreciation Expense-Equipment Total $ 183,000 $ 183,000Explanation / Answer
Since no information is given regarding the opening balances of assets and liabilities, it is assumed that there is no increase / decrease in balance of assets and liabilities during the year.
Income Statement
Procedure:
Identify Revenue/Exp items from the trial balance.
Reduce Expenses from the revenue to arrive at the NET INCOME/(LOSS)
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$ Service Revenue 99000 Total Revenue 99000 Less: Expenses Insurance expense 2500 Salaries Expense 33000 Supplies Expense 0 Interest 3000 Rent Expense 7000 Ddepreciation Exp 0Related Questions
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