Accumulated depreciation 14000 Note payable to bank 23000 Wages expense 6000

Accumulated depreciation 14000 note payable to bank

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Accumulated depreciation 14,000 Note payable to bank 23,000 Wages expense 6,000 Inventory 25,000 Dividends 5,000 Total $174,000 $174,000 Using the adjusted trial balance from above, what is Ocotillo Villas' net income for the year ended December 31? Select one: $28,000 $23,000 $16,000 ($60,000 - $8,000 - $30,000 - $6,000) $11,000 The correct answer is: $16,000
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QUESTION 11 Correct Mark 1.00 out of 1.00 Temporary accounts: Select one: Have balances that are transferred to a permanent stockholders’ equity account at the end of the accounting period Have balances that are carried forward to the next accounting period Include accounts on both the balance sheet and the income statement None of the above The correct answer is: Have balances that are transferred to a permanent stockholders’ equity account at the end of the accounting period QUESTION 12 Correct Mark 1.00 out of 1.00 Which of the following is not an example of a closing entry? Select one: Close each revenue account to the Retained Earnings account Close each expense account to the Retained Earnings account Close the Dividends account to the Retained Earnings account Close the Unearned Revenue account to the Retained Earnings account The correct answer is: Close the Unearned Revenue account to the Retained Earnings account
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