196.Jerry's Butcher Shop, Inc. had the following assets and liabilities at the beginning and end of the current year:
AssetsLiabilities
Beginning of the year$114,000$68,000
End of the year135,00073,000
If Jerry invested an additional $12,000 in the business and withdrew $5,000 during the year, what was the amount of net income earned by Jerry's Butcher Shop, Inc.?
197.A company had total assets of $350,000, total liabilities of $101,500 and total equity of $248,500. Calculate the company's debt ratio.
198.Jackson Advertising Co. had assets of $475,000; liabilities of $275,500; and equity of $199,500. Calculate its debt ratio.
199.List the four steps in recording transactions.
200.Given each of the following errors, indicate on the table below the amount by which the trial balance will be out of balance and which trial balance column (debit or credit) will have the larger total as a result of the error.
a. $100 debit to Cash was debited to the Cash account twice.
b. $1,900 credit to Sales was posted as a $190 credit.
c. $5,000 debit to Office Equipment was debited to Office Supplies.
d. $625 debit to Prepaid Insurance was posted as a $62.50 debit.
e. $520 credit to Accounts Payable was not posted.
ErrorAmount Out
of BalanceColumn Having Larger Total
a.
b.
c.
d.
e.