Solved

Please Refer to the Worksheet Below How Much Was the Profit?
A)$13 600
B)$42 000
C)$22

Question 14

Multiple Choice

Please refer to the worksheet below.  Trial Balance  Adjustments  Adjusted Trial balance Income statement  Balance sheet  Account Title  Dr.  Cr.  Dr.  Cr.  Dr.  Cr.  Dr.  Cr.  Dr.  Cr.  Cash $1700$1700$1700 Accounts receivable 8500520001050010500 Supplies 1005002020 Equipment 750075007500 Accumulated  Depreciation $2000240$2240$2240 Accounts payable 120012001200 Salary payable 800180980980 Unearned revenue 600600600 Capital 340034003400 Drawings 230023002300 Service revenue 4000020004200042000 Salary expense 240001002410024180 Supplies expense 23008023002380 Depreciation  expense 160024018401840$48000$48000$2500$2500$50420$50420$28400$42000$22020$84201360013600$42000$42000$22020$22020\begin{array}{|l|c|c|c|c|c|c|c|c|c|c|}\hline &\text { Trial Balance }&&\text { Adjustments }&&\text { Adjusted Trial balance}&&\text { Income statement }&&\text { Balance sheet }\\\hline \text { Account Title } & \text { Dr. } & \text { Cr. } & \text { Dr. } & \text { Cr. } & \text { Dr. } & \text { Cr. } & \text { Dr. } & \text { Cr. } & \text { Dr. } & \text { Cr. } \\\hline \text { Cash } & \$ 1700 & & & & \$ 1700 & & & & \$ 1700 & \\\hline \text { Accounts receivable } & 8500 & & 52000 & & 10500 & & & & 10500 \\\hline \text { Supplies } & 100 & & & 500 & 20 & & & & 20 \\\hline \text { Equipment } & 7500 & & & & 7500 & & & & 7500 \\\hline \begin{array}{l}\text { Accumulated } \\\text { Depreciation }\end{array} & & \$ 2000 & & 240 & & \$ 2240 & & & & \$ 2240 \\\hline \text { Accounts payable } & & 1200 & & & & 1200&&&&1200 \\\hline \text { Salary payable } & & 800 & & 180 & & 980&&&&980 \\\hline \text { Unearned revenue } & & 600 & & & & 600 &&&&600\\\hline \text { Capital } & & 3400 & & & & 3400 &&&&3400\\\hline \text { Drawings } & 2300 & & & & 2300 & & & & 2300 \\\hline \text { Service revenue } & & 40000 & & 2000 & & 42000 & & 42000 & \\\hline \text { Salary expense } & 24000 & & 100 & & 24100&&24180 \\\hline \text { Supplies expense } & 2300 & & 80 & & 2300&&2380 \\\hline \begin{array}{l}\text { Depreciation } \\\text { expense }\end{array} & 1600 & & 240 & & 1840 & & 1840 \\\hline& \$ 48000 & \$ 48000 & \$ 2500 & \$ 2500 & \$ 50420 & \$ 50420 & \$ 28400 & \$ 42000 & \$ 22020 & \$ 8420 \\\hline&&&&&&& \underline{13600} & & & \underline{13600} \\\hline&&&&&&& \$ 42000 & \$ 42000 & \$ 22020 & \$ 22020 \\\hline\end{array} How much was the Profit?


A) $13 600
B) $42 000
C) $22 020
D) $28 400

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