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| Adjusted Trial Balance | Debit | Credit |
| Cash | $40,000 | |
| Accounts receivable | 38,000 | |
| Supplies | 1,000 | |
| Prepaid Insurance | 5,200 | |
| Property, Plant & Equipment | 909,000 | |
| Accumulated depreciation | | $250,000 |
| Accounts payable | | 22,000 |
| Salaries payable | | 20,000 |
| Utilities payable | | 1,500 |
| Deferred revenue | | 6,000 |
| Notes payable (due in 5 yrs) | | 100,000 |
| Common stock | | 300,000 |
| Retained earnings | | 250,000 |
| Dividends | 50,000 | |
| Service revenue-new construction | | 356,000 |
| Service revenue-remodeling | | 574,000 |
| Salaries expense | 750,200 | |
| Depreciation expense | 50,000 | |
| Interest expense | 8,000 | |
| Supplies expense | 2,600 | |
| Utilities expense | 24,000 | |
| Service fee expense | 1,500 | |
| Total | $1,879,500 | $1,879,500 |
Identify & Explain the Following:
- Net Income:
- Total Current Assets:
- Book Value of Equipment:
- Total Assets:
- Identify ALL the Temporary Accounts from the following:
Cash, notes payable, depreciation expense, service fee expense, accumulated depreciation, salaries expense, dividends, service revenue, supplies.
Answer & Explanation
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