Preparing a worksheet and using it to calculate net income
The trial balance of Telegraphic Link at November 30, follows:
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TELEGRAPHIC LINK Trial Balance November 30, 2012 |
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|
Balance |
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|
Account |
Debit |
Credit |
|
Cash |
$ 4,000 |
|
|
Accounts receivable |
3,200 |
|
|
Prepaid rent |
1,900 |
|
|
Supplies |
3,000 |
|
|
Equipment |
34,800 |
|
|
Accumulated depreciation |
$ 1,600 |
|
|
Accounts payable |
5,400 |
|
|
Salary payable |
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|
Thomas, capital |
35,700 |
|
|
Thomas, drawing |
2,100 |
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|
Service revenue |
8,600 |
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|
Depreciation expense |
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|
Salary expense |
1,700 |
|
|
Rent expense |
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|
Utilities expense |
600 |
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|
Supplies expense |
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Total |
$51,300 |
$51,300 |
Additional information at November 30, 2012:
- Accrued service revenue, $600.
- Depreciation, $300.
- Accrued salary expense, $800.
- Prepaid rent expired,
- Supplies used, $100.
1. Complete Telegraphic Link’s worksheet for the month ended November 30, 2012.
2. How much was net income for November?