Use the Information That Follows Taken from the Unadjusted Accounting

question 96

Essay

Use the information that follows taken from the unadjusted accounting records of Sheena, Inc. for the year ending December 31, 2010 to answer problems 24 through 26.
The following information is needed for adjusting entries at the end of December.
a. On December 31, 2010, the insurance expired amounted to $80.
b. Of the unearned revenue, $250 of services had been performed.
c. Services have been performed for customers that have not yet been billed or paid totaling $180.
d. The office equipment computation for 2010 depreciation amounts to $200.
-How much net income will Sheena report for the year ending December 31, 2010?

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Definitions:

Economic Signals

Indicators or information that guide economic agents in decision-making by reflecting changes in the economy or market conditions.

Consumers

Individuals or groups that purchase goods and services for personal use, not for manufacture or resale.

Efficiency

The state or quality of being capable of producing desired results with a minimum expenditure of energy, time, money, or materials.

Total Surplus

The sum of consumer surplus and producer surplus, representing the total net benefits to society from the production and consumption of goods or services.