Question

Brightspace 1- Requires Respondus LockDown Browser it: 1:30:00 Time Left:1:11:07 Brianna Brown: Attempt 1 Question 5 (5 points) Data for the next 3 questions: The following account balances pertain to the dental practice of J. Smith, DDS, as of Dec. 31, 2018. 3 Equipment $541,600 $408,000 $400,000 Common Stock Service Revenue Retained Earmings (as of Jan. Ist) S104,000 Cash S80,000 Accounts Payable Salaries Expense S87,600 $132,000 Dividends Accounts Receivable Dental Supplies Expense Dental Supplies Rent Expense Utilities Expense $72.000 $60,000 11 12 $42,000 $36,000 S24,000 14 15 S12,000 17 18 Compute the followings: Example of answer: $6,000 Q5. Compute net income for the year 2018. Oueelien IEite MacBook bu FS F7 %23 & 4. 6. 7 8. H. K %24

Answer 1

Income statement for the year 2018:

Description	Amount
Revenues & other items:
Service revenue	$400000
Total revenues & other items	$400000
Expenses & other items:
Salaries expense	$132000
Dental supplies expense	$42000
Rent expense	$24000
Utilities expense	$12000
Total expense & other items:	($210000)
Net income	$190000