Question

Question: The Adjusted Trial Balance columns of a 10-column work sheet for Planta Company follow. Complete the

work sheet by extending the account balances into the appropriate financial statement columns and by

entering the amount of net income for the reporting period.

7,000

27,200

42,000

32,000

15,400

6,500

38,000

13,000

8,700

\(189,800

\) 17,500

15,000

4,200

3,600

20,000

45,500

84,000

$189,800

101

106

153

154

183

201

209

233

307

318

319

401

611

622

640

677

Cash

Accounts receivable

Trucks

Accumulated depreciation—Trucks

Land

Accounts payable

Salaries payable

Unearned fees

Common stock

Retained earnings

Dividends

Plumbing fees earned

Depreciation expense—Trucks

Salaries expense

Rent expense

Miscellaneous expenses

Totals

Account Title

Unadjusted

Trial Balance

Adjusted

Trial Balance

Dr.

Adjustments

Cr. Dr. Cr.

Income

Statement

Dr. Cr.

Balance Shee

No. Dr. Cr. Dr. Cr.

1

Short answer

Answer:

The net income is $17,800

Step-by-step solution

Definition of worksheet

The worksheet is a complete summary of the financial statements of the company.

Worksheet

Particulars	Unadjusted	Adjusted	Income Statement	Balance Sheet
	Debit	Credit	Debit	Credit	Debit	Credit	Debit	Credit
Cash			$7,000				$7,000
Accounts Receivable			$27,200				$27,200
Truck			$42,000				$42,000
Accumulated Depreciation-Truck				$17,500				$17,500
Land			$32,000				$32,000
Accounts Payable				$15,000				$15,000
Salaries Payable				$4,200				$4,200
Unearned Fees				$3,600				$3,600
Common Stock				$20,000				$20,000
Retained Earnings				$45,500				$45,500
Dividends			$15,400				$15,400
Plumbing Fees Earned				$84,000		$84,000
Depreciation Expense- Truck			$6,500		$6,500
Salaries Expense			$38,000		$38,000
Rent Expense			$13,000		$13,000
Miscellaneous Expense			$8,700		$8,700
Totals			$189,800	$189,800	$66,200	$84,000	$123,600	$105,800
Net Income					$17,800			$17,800
Total					$84,000	$84,000	$123,600	$123,600