Question

The following is a random list showing the account balances of various assets, liabilities, revenues and...

The following is a random list showing the account balances of various assets, liabilities, revenues and expenses for Jones Painting Company at December 31, 2020, the end of its first year of operations.

Accounts receivable 7,100

Acounts payable 2,500

salary expense 3,200

repair expense 700

truck 8,300

equipment 6,700

unearned revenue 3,000

cash 6,100

supplies expense 1,600

service revenue 15,800

Gasoline Expense 3,000

Salary payable 2,100

1.) the net income for the year was:

A. 12,800

B. 18,800

C. 5,500

D. 7,300

E. 8,500

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Following is an alphabetical list of the assets, liabilities, revenues, and expenses of Keykin Inc. Prepare...
Following is an alphabetical list of the assets, liabilities, revenues, and expenses of Keykin Inc. Prepare a) an income statement for the year ended September 30, 2017. **Note, not all balances are debits. Accounts payable                       $2,800                           Note payable                  $5,000 Accounts receivable                     5,400                            Rent expense                     8,200 Advertising expense                    4,600                         Salary expense                  14,100 Cash                                                 6,100                         Salary payable                        900 Cost of goods sold                      21,700                           Sales revenue                  80,800 Inventory                                        5,900                      Interest expense                        800               Utilities expense                              700 b) Using Net Income or Net Loss as per the Income Statement, prepare the Keykin Inc. Statement of Retained Earnings for the year ended September 30, 2017....
You are presented with the following alphabetical list of accounts and balances (in thousands) for Sunland...
You are presented with the following alphabetical list of accounts and balances (in thousands) for Sunland Enterprises Inc. at June 30, 2018. All accounts have a normal balance. Accounts payable $ 3,100 Income tax payable $ 100 Accounts receivable 3,000 Interest expense 100 Accumulated depreciation—buildings 3,600 Land 7,600 Accumulated depreciation—equipment 900 Long-term investments 3,800 Buildings 13,900 Inventory 5,200 Cash 1,200 Mortgage payable, due 2025 16,000 Common shares 5,500 Office expense 2,900 Cost of goods sold 14,100 Prepaid insurance 900 Dividends...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT