A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period?

Custard Company had $836,000 in sales, sales discounts of $12,540, sales returns and allowances of $18,810, cost of goods sold of $397,100, and $287,585 in operating expenses. Gross profit equals:

Century Inc. had the following accounts and balances at December 31:

Using the information in the table, calculate the company's reported net income for the period.

Bedrock Company reported a December 31 ending inventory balance of $416,500. The following additional information is also available:

• The ending inventory balance of $416,500 included $72,900 of consigned inventory for which Bedrock was the consignor.
• The ending inventory balance of $416,500 incorrectly included $23,800 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year.

Based on this information, the correct balance for ending inventory on December 31 is:

Determine the net income of a company for which the following information is available for the month of September.

On February 3, Smart Company sold merchandise in the amount of $3,900 to Truman Company, with credit terms of 3/10, n/30. The cost of the items sold is $2,725. Smart uses the perpetual inventory system and the gross method. Truman pays the invoice on February 8 and takes the appropriate discount. The journal entry that Smart makes on February 8 is:

A company had no office supplies available at the beginning of the year. During the year, the company purchased $290 worth of office supplies. On December 31, $85 worth of office supplies remained. How much should the company report as office supplies expense for the year?

The Mercury, Capital account has a credit balance of $52,000 before closing entries are made. Services revenue for the period is $70,200, wages expense is $47,300, and withdrawals are $15,000. What is the correct closing entry for the revenue accounts?

A Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $22,025.  May bank statement shows a $19,800 balance in the bank. Determine the adjusted cash balance using the following information:

The adjusted cash balance should be:

Prentice Company had cash sales of $95,450, credit sales of $84,150, sales returns and allowances of $2,175, and sales discounts of $3,950. Prentice’s net sales for this period equal: