80.2K
Verified Solution
Link Copied!
The following adjusted trial balance was taken from the accounting records of Shipley
Corporation as of December 31, 2010.
Required:
(A) Calculation Net Income
(B) Calculate Total Assets, Total Liabilities, and Total Equity
| Shipley Corporation Adjusted Trial Balance December 31, 2010 |
| | Debits | Credits |
| Cash | $ 27,500 | |
| Accounts Receivable | 8,600 | |
| Supplies | 3,100 | |
| Prepaid Rent | 4,700 | |
| Equipment | 43,800 | |
| Accum Depn Equipment | | $ 8,200 |
| Accounts Payable | | 5,600 |
| Salaries Payable | | 1,700 |
| Note Payable | | 20,000 |
| Capital Stock | | 35,000 |
| Retained Earnings | | 12,100 |
| Management Fees Earned | | 89,500 |
| Appraisal Fees Earned | | 12,700 |
| Salaries Expense | 46,800 | |
| Advertising Expense | 18,300 | |
| Depreciation Expense | 4,200 | |
| Supplies Expense | 4,600 | |
| Interest Expense | 3,100 | |
| Utilities Expense | 7,700 | |
| Rent Expense | 8,500 | |
| Insurance Expense | 3,900 | |
| Total | $184,800 | $184,800 |
Answer & Explanation
Solved by verified expert
