Use the following information in the adjusted trial balance…
Use the following information in the adjusted trial balance for Johnson Company to answer the following questions. Johnson Company Adjusted Trial Balance For the Year ended December 31, 2014 Cash $ 6,530 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated Depreciation $ 1,100 Accounts Payable 1,900 Notes Payable 4,300 John Johnson, Capital 12,940 John Johnson, Drawing 790 Fees Earned 9,250 Wages Expense 2,500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 185 Totals $29,490 $29,490 Determine the Owner’s Equity ending balance for the period.
Read DetailsA machine with a cost of $65,000 has an estimated residual v…
A machine with a cost of $65,000 has an estimated residual value of $5,000 and an estimated life of 5 years or 15,000 hours. It is to be depreciated by the units-of-production method. What is the amount of depreciation for the second full year, during which the machine was used 5,000 hours?
Read DetailsUse the following information in the adjusted trial balance…
Use the following information in the adjusted trial balance for Johnson Company to answer the following questions. Johnson Company Adjusted Trial Balance For the Year ended December 31, 2014 Cash $ 6,530 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated Depreciation $ 1,100 Accounts Payable 1,900 Notes Payable 4,300 John Johnson, Capital 12,940 John Johnson, Drawing 790 Fees Earned 9,250 Wages Expense 2,500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 185 Totals $29,490 $29,490 Determine the net income (loss) for the period.
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