7- Presented below is selected information related to Sultan Company at December 31, 2020. Sultan reports financial information monthly. Office Furniture $10,000 Utilities Expense $ 4,000 Cash 8,000 Accounts Receivable 9,000 Service Revenue 36,000 Wages Expense 7,000 Rent Expense 11,000 Notes Payable 16,500 Accounts Payable 2,000 Drawings 4,000. Instruction: (a) Determine the total assets of Sultan Company at December 31, 2020. (b) Determine the net income that Sultan Company reported for December 2020.
7- Presented below is selected information related to Sultan Company at December 31, 2020. Sultan reports financial information monthly. Office Furniture $10,000 Utilities Expense $ 4,000 Cash 8,000 Accounts Receivable 9,000 Service Revenue 36,000 Wages Expense 7,000 Rent Expense 11,000 Notes Payable 16,500 Accounts Payable 2,000 Drawings 4,000. Instruction: (a) Determine the total assets of Sultan Company at December 31, 2020. (b) Determine the net income that Sultan Company reported for December 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:7- Presented below is selected information related to Sultan Company at December 31, 2020. Sultan reports financial
information monthly. Office Furniture $10,000 Utilities Expense $ 4,000 Cash 8,000 Accounts Receivable 9,000 Service
Revenue 36,000 Wages Expense 7,000 Rent Expense 11,000 Notes Payable 16,500 Accounts Payable 2,000 Drawings 4,000.
Instruction: (a) Determine the total assets of Sultan Company at December 31, 2020. (b) Determine the net income that
Sultan Company reported for December 2020.
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