Question

The below table contains financial information for H & H Co. before closing entries: Cash $32,020...

The below table contains financial information for H & H Co. before closing entries:

Cash $32,020
Prepaid Insurance                   $7500
Land                                     $85,000
Equipment                            $25,000
Accumulated Depreciation $8600
Accounts Payable $32,800
Service Revenue $96,000
Advertising Revenue $2025
Depreciation Expense $5600
Salary Expense $4500
Utilities Expense $150
Common Stock $30,000

What is H & H's net income?

Question 2 options:

a)

$45,725

b)

$87,775

c)

$80,725

d)

$53,725

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Answer #1

answer: b) $87,775 explanation H&H co income statement service revenue advertising revenue total revenue less expenses deprec

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