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S3-11 Refer to the data in Short Exercise 3-10.

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S3-11 Refer to the data in Short Exercise 3-10.

Requirement

1. Compute Famous Cut’s net income for the year ended December 31, 2012.

data from S3-10

FAMOUS CUT HAIR STYLISTS 
Preparation of Adjusted Trial Balance 
December 31, 2012
Trial Balance
Adjustments
Adjusted Trial Balance
Account
Debit
Credit
Debit
Credit
Debit
Credit
Cash
$ 800
Supplies
900
Equipment
19,100
Accumulated depreciation
$ 1,000
Accounts payable
200
Interest payable
Note payable
2,500
Fabio, capital
7,400
Service revenue
14,800
Rent expense
4,500
Supplies expense
Depreciation expense
Interest expense
600
Total
$25,900
$25,900


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