The following items appeared on December 31 Excel work sheet. Based on the following information,...

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Accounting

The following items appeared on December 31 Excel work sheet. Based on the following information, what is profit for the year? Account Adjustments Dr Adjusted Trial Balance Dr. Cr 150 70 Cash Prepaid insurance Supplies Equipment Accounts payable Unearned fees Owner, capital Owner, withdrawals Fees earned Unedjusted Trial Balance Dr. Cr 975 3.600 180 10,320 11401 4,500 9,180 1650 5.850 375 (3751 (300 315 1,500 2,1001 345 Rent expense Salaries expense Utilities expense nsurance expense Supplies expense Depreciation expense, equipment Accumulated depreciation, equipment Salaries payable Accounts receivable Total 150 70 190 190 315 300 1400 20670 20.670 1.400 Multiple Choice O $2.000 14620 Prov Na (300 315 1500 2,100 345 Rent expense Salaries expense Utilities expense Insurance expense Supplies expense Depreciation expense, equipment Accumulated depreciation, equipment Salaries payable Accounts receivable Total 150 701 190 190 315 20.670 20670 300 1400 1.400 Multiple Choke O $2060 O $4,670 a $1723 O $1855 $4.125 e here to search O

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To calculate the profit for the year we need to determine the total revenues and total expenses based on the adjusted trial balance Step 1 Identify Revenues From the adjusted trial balance the relevant account is Fees earned 5850 Step 2 Identify Expenses See Answer

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