An electronics store had the following transactions in February:
- Sold $90,000 of goods to customers, receiving $65,000 in cash and the remainder on account. The inventory had an original cost of $36,000.
- Purchased $16,000 of inventory, paid $12,000 in cash and the rest remained on account.
- Paid $2,000 for wages that were owed to employees from January.
- Received a customer order and payment of $9,000 for an audio system to be delivered and installed in March
- By February 28, accrued wages were $14,000.
What would Net Income (on an accrual basis) for the month of February would be?
The Rest Of TheVideos
| 1 | Not completed | Cash vs. Accrual Accounting | 8 min |
| 2 | Not completed | Expense Recognition | 9 min |
| 3 | Not completed | Accruals and Deferrals | 16 min |
| 4 | Not completed | What is an Adjusting Entry? | 5 min |
| 5 | Not completed | Adjusting Entry: Supplies | 2 min |
| 6 | Not completed | Adjusting Entry: Wages | 5 min |
| 7 | Not completed | Adjusting Entry: Unearned Revenue | 3 min |
| 8 | Not completed | Adjusting Entry: Interest | 3 min |
| 9 | Not completed | Contra-accounts | 5 min |
| 10 | Not completed | Depreciation | 8 min |
Chapter 3Practice Problems
| Click Here to View All Problems at Once | View | ||
| 1 | Not completed | Adjusting Entry Identification | Easy |
| 2 | Not completed | Revenue Journal Entry | Easy |
| 3 | Not completed | Revenue Recognition | Easy |
| 4 | Not completed | Revenue Recognition | Easy |
| 5 | Not completed | Adjusting Entry - Salaries Payable | Moderate |
| 6 | Not completed | Adjusting Entry - Wage Expense | Moderate |
| 7 | Not completed | Determining Net Income From Journal Entries | Moderate |
| 8 | Not completed | Determining Net Income From Transactions You are here. | Moderate |
| 9 | Not completed | Prepaid Rent | Moderate |
| 10 | Not completed | Revenue Recognition | Moderate |
| 11 | Not completed | Adjusting Journal Entries | Hard |
| 12 | Not completed | Adjusting Journal Entries | Hard |
| 13 | Not completed | Revenue and Expense Recognition | Hard |
| 14 | Not completed | The Effect of Transactions | Hard |
| 15 | Not completed | When You Forget to do Adjusting Entries | Hard |