Can someone please explain how you find the net income? (also, tell me if my she

Question

Can someone please explain how you find the net income? (also, tell me if my sheet is correct, thank you)

The Jones Company Worksheet For Period Ending December 31, 200x Balance Sheet Trial Balance Adjusted Trial Balance Income Statement Account Name Adjustments Credit Debit CreditDebitCredit Debit Credit Debit Credit Debit Cash Accounts Receivable SO Prepaid Rent Prepaid Insurance Office Supplies Office Equipment Accounts Payable P. Jones, Capital Service Revenue Accum. Depr, Office Equip Unearned Service Revenue P. Jones, Withdrawals Wages Expense Rent Expense Utilities Expense Miscellaneous Expense

Explanation / Answer

WORKSHEET 31-Dec-18 Account Names Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 30,000 30,000 30,000 Accounts Receivable 45,000 45,000 45,000 Prepaid rent 6,000 6000 6000 Prepaid Insurance 2,000 1,000 1,000 1,000 Office supplies 500 300 200 200 Equipment 10000 10000 10000 Accumulated Depreciation-Equipment 2,000 500 2,500 2,500 Accounts payable 8000 8,000 8,000 Unearned Revenue 4000 3000 1,000 1,000 P Jones Capital 55,250 55,250 55,250 P Jones withdrawals 500 500 500 Service revenue 50000 3000 53000 53000 Wages expense 16000 16000 16000 Rent expense 8,000 8,000 8,000 Utilities expense 1,000 1,000 1,000 Misc expense 250 250 250 Supplies Expense 300 300 300 Insurance Expnese 1000 1,000 1,000 Depreciation-Equipment 500 500 500 Total 119,250 119250 4,800 4,800 119,750 119,750 27,050 53,000 92,700 66,750 Net income transferred to capital 25,950 25,950 53,000 5,300 92,700 92,700 Net income will be difference in total of credit column and debit column of income statement

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