Question

31. Presented below is the adjused trial balance columns on a worksheet of Kimberly Company for...

31. Presented below is the adjused trial balance columns on a worksheet of Kimberly Company for the year ended December 31, 2018. Using this adjusted trial balance to answer questions 31 and 32:

                                                                                Adjusted Trial Balance
Account Titles                                                             Debit             Credit
______________                                                       _____            _____
Cash                                                                           1,000
Supplies                                                                         300
Prepaid Insurance                                                         2,000
Equipment                                                                 24,000
Accumulated Depreciaton- Equipment                                              49,000
Accounts Payable                                                                                2,400
Notes Payable                                                                                      4,000
Rent Payable                                                                                          600
Common Stock                                                                                     5,300
Retained Earnings                                                                              10,000
Dividends                                                                      2,400
Copy Revenue                                                                                     4,900
Utility Expense                                                                 400
Supplies Expense                                                            800
InsuranceExpense                                                           200
Depreciation Expense                                                      400
Rent Expense                                                                   600
                                                                                    ________     ________
Totals                                                                          32,100          32,100

What is the net income (net loss) of Kimberly Company for the year ended December 31, 2018?

Select one:

a. net income, $2,500.

b. net income, $4,500.

c. net income, $100.

d. net loss, ($1,500).

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Homework Answers

Answer #1

ANSWER a. net income, $2,500.

NET INCOME

Copy Revenue                                                          $4,900
LESS. Utility Expense ($400)
Supplies Expense ($800)
InsuranceExpense ($200)
Depreciation Expense ($400)
Rent Expense ($600)

NET INCOME     $2,500

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