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
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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

Please let me know if you need any additional data in the comment section and please press thumbs up button.

Thanks & Regards

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