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Expert-verified Found in: Page 218 ### Horngren'S Financial And Managerial Accounting

Book edition 6th
Author(s) Tracie L. Miller-Nobles, Brenda L. Mattison
Pages 992 pages
ISBN 9780134486833

# A partial worksheet for Ramey Law Firm is presented below. Solve for the missing information. Total 6 5 A J K L M 33 34 35 (a) $211,325$ 202,950 (e) 8,375 (d) $24,850$ 24,850 Debit Credit Debit Credit Income Statement Balance Sheet Net (b) (c) Total (f).

(a) $16,475 (b) Income (c)$8,375

(d) $24,850 (e)$211,325

(f) $211,325 See the step by step solution ### Step by Step Solution ## Step 1: Explanation on (a) Total debit in income statement is calculated as follows: ## Step 2: Explanation on (b) In the income statement, total credits (revenues) are higher than total debits (expenses), hence it will result in net income. ## Step 3: Explanation on (c) Net income is transferred to the retained earnings, hence in the worksheet it will be posted under credit side under balance sheet section. ## Step 4: Explanation on (d) In the income statement, total credit balance equals$24,850, hence total debit balance should also be equal to $24,850. ## Step 5: Explanation on (e) In the balance sheet section, total credit balance equals$211,325, hence total debit balance should also be equal to $211,325. ## Step 6: Explanation on (f) As net income of$8,375 is posted on credit side of balance sheet, the total credit balance equals \$211,325. ### Want to see more solutions like these? 