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19. Question MC #40 3
(7 point(s))
The following accounts were taken from the Adjusted Trial Balance columns of the worksheet:


Accumulated Depreciation $ 2,000
Fees Earned 15,000
Depreciation Expense 1,000
Insurance Expense 500
Prepaid Insurance 4,500
Supplies 1,200
Supplies Expenses 3,500


Net income for the period is:




1. $2,300

2. $10,000

3. $5,000

4. $4,300


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20. Question PR #3 3
(6 point(s))
The following accounts were taken from the Adjusted Trial Balance columns of the worksheet for June 30, 2005 for Brodie Co.:


Accumulated Depreciation $ 25,000
Fees Earned 85,000
Depreciation Expense 9,500
Rent Expense 44,000
Prepaid Insurance 7,000
Supplies 500
Supplies Expense 2,500


Prepare an income statement.


Paragraph Brodie Co.
Income Statement
June 30, 2005

Answer 1

For question 19, the net income is revenues minus expenses. The revenue is the fees earned. The expenses are each line item with the word 'Expense' after it.

For question 20, you have to prepare the income statement. For this, the 'Fees earned' are the revenues, and the expenses are everything that has the word 'expense' next to it.

These are very simple problems, and there will be times when items with the word 'expense' in the line won't be expenses. For now, the problem is very simple.

Best of luck to you.

Answer 2

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Answer 3

Sorry, we're not here to do your homework for you. At least try it by yourself. If you really can't do it, try not being so lazy, and actually re-type the questions, rather than just copy and pasting them. I know this isn't the first time you've posted like this.

Answer 4

Sorry its almost midnight here in the UK..............all those figures look chinese to my brain tonight. Hope you can find someone to help you!