Homework Answers
The correct answer is "Net Income of $16,000".
Supporting calculations:
| Sales Revenue | $69,600 |
| Add: Service Revenue | $20,000 |
| Total Revenues | $89,600 |
| Less: Expenses: | |
| Cost of goods sold | ($38,700) |
| Salaries expense | ($20,000) |
| Utilities expense | ($14,900) |
| Net Income | $16,000 |
Therefore, net income is $16,000.
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These financial statement items are for ABC Corporation at year-end, December 31, 2011: Salaries expense Utilities...
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acct hw help QUESTION 26 Elston Company compiled the following financial information as of December 31,...
acct hw help
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acct hw help
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