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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 5
Preparing a worksheet
Data for the unadjusted trial balance of Mexican Riviera Tanning Salon at March 31, 2012, follow.
Adjusting data for March 2012 are:
a. Accrued service revenue, $2,600.
b. Supplies used in operations, $400.
c. Accrued salary expense, $ 1,700.
d. Depreciation expense, $4,100.
Les Neeland, the principal stockholder, has received an offer to sell the company. He needs to know the net income for the month covered by these data.
Requirements
1. Prepare the worksheet for Mexican Riviera Tanning Salon.
2. How much was the net income/net loss for March
Data for the unadjusted trial balance of Mexican Riviera Tanning Salon at March 31, 2012, follow.
Adjusting data for March 2012 are:
a. Accrued service revenue, $2,600.
b. Supplies used in operations, $400.
c. Accrued salary expense, $ 1,700.
d. Depreciation expense, $4,100.
Les Neeland, the principal stockholder, has received an offer to sell the company. He needs to know the net income for the month covered by these data.
Requirements
1. Prepare the worksheet for Mexican Riviera Tanning Salon.
2. How much was the net income/net loss for March
Explanation
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The income statement presents a summary ...
Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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