1 answer

The following is the alphabetical list of accounts and their balances for Zhao’s Interior Design as...

Question:

The following is the alphabetical list of accounts and their balances for Zhao’s Interior Design as of June 30:

A) What is the amount of Net Income for the period? ​

B) What is the owner's ending capital as of June 30?

C) What is the amount of Total Liabilities & Owner's Equity on the Balance Sheet?

Questions 2-4: The following is the alphabetical list of accounts and their balances for Zhaos Interior Design as of June 30

Questions 2-4: The following is the alphabetical list of accounts and their balances for Zhao's Interior Design as of June 30: Advertising Expense $72,000 Accounts Payable $67,400 Accounts Receivable $235,200 Cash $45,600 Decorating Services Income $772,000 Electricity Expense $34,000 Equipment $251,200 Insurance Expense $16,000 K. Zhao, Capital $205,000 Rent Expense $66,000 Supplies $52,800 Supplies Expense $25,200 Telephone Expense $24,400 Wages Expense $222,000

Answers

A)

Net income:

= $772,000 - $72,000 - $34,000 - $16,000 - $66,000 - $25,200 - $24,400 - $222,000

= $312,400

B)

Ending capital:

= $312,400 + $205,000

= $517,400

C)

Total liabilities and owners equity:

= $517,400 + $67,400

= $584,800

.

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