Business, 14.02.2020 01:17 20alyssityh224

Hall Company began the period with a $10,000 balance in Cash, a $25,000 balance in Accounts Receivable, and a $35,000 balance in Retained Earnings. During the period Hall provided $75,000 of consulting services on account, collected $70,000 of the accounts receivable, paid $21,000 cash for salary expense, and accrued $4,000 salary expense a the end of the period. Which of the following statements is incorrect?

a. The net income shown on the income statement is $100,000.

b. The ending Cash on the balance sheet is $118,000.

c. The ending Retained Earnings on the balance sheet is $100,000.

d. The ending Accounts Receivable balance is $60,000.

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Answer from: ineemorehelp

c. The ending Retained Earnings on the balance sheet is $100,000.

Explanation:

Cash Account Receivable Retained Earning

Opening Balance $10,000 $25,000 $35,000

Services $75,000 $75,000

Collection $70,000 - $70,000

Salary payment - $21,000 - $21,000

Accrued Expense - $4,000

$59,000 $30,000 $85,000

Net Income = 75,000 - 21,000 - 4,000 = $50,000

All the option are incorrect according to given data.

* Data Provided in this question is inconsistent with the option given. Same question is attached with this answer and following answer is made according to that. Pleas find the attached file.

Solution Based on data of attached question:

Cash Account Receivable Retained Earning

Opening Balance $20,000 $50,000 $70,000

Services $150,000 $150,000

Collection $140,000 - $140,000

Salary payment - $42,000 - $42,000

Accrued Expense - $8,000

$118,000 $60,000 $170,000

Net Income = 150,000 - 42,000 - 8,000 = 100,000

Hall Company began the period with a $10,000 balance in Cash, a $25,000 balance in Accounts Receivab

Answer from: Quest

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Answer from: Quest

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