Question
A company’s financial records at the end of the year included the following amounts: How do...
A company’s financial records at the end of the year included
the following amounts:
How do you come up with the amount of net income on the income
statement for the year?
| Cash | $ | 70,400 | |
| Accounts Receivable | 28,400 | ||
| Supplies | 4,400 | ||
| Accounts Payable | 10,400 | ||
| Notes Payable | 5,200 | ||
| Retained Earnings, beginning of year | 17,400 | ||
| Common Stock | 44,000 | ||
| Service Revenue | 50,400 | ||
| Wages Expense | 8,400 | ||
| Advertising Expense | 5,400 | ||
| Rent Expense | 10,400 | ||
Homework Answers
Answer #1
I have used all the direct items used in case of an income statement for calculating net income. The detailed solution along with format is given in the image below :-
I hope this helps
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