Chapter 7
Corporations: The Financial Statements
353
Required
a) Calculate Gleek the Geek’s net income for 2016.
b) Calculate Gleek the Geek’s total comprehensive income for 2016.
AP-4B (
3
)
Below is the adjusted trial balance for Connection Communications Inc. for the month of
September 2016. Dividends of $5,800 were declared and paid in the month.
Connection Communications Inc.
Adjusted Trial Balance
September 30, 2016
Debit
Credit
Accounts Payable
$5,176
Accounts Receivable
$20,057
Accumulated Depreciation
11,325
Cash
16,822
Common Shares
11,600
Cost of Goods Sold
12,940
Depreciation Expense
3,395
Insurance Expense
1,545
Interest Expense
1,225
Interest Payable
2,083
Loan Payable
24,500
Preferred Shares
4,500
Prepaid Insurance
1,850
Property, Plant and Equipment
32,350
Rent Expense
3,550
Retained Earnings (after dividends)
23,300
Salary Expense
8,160
Salary Payable
3,882
Sales Revenue
64,700
Supplies
42,055
Supplies Expense
7,764
Unearned Revenue
4,852
Utilities Expense
4,205
Total
$155,918
$155,918
