ABC Company's accounting records reported the following account balances as of December 31, 2026: $11,000 $46,000 $58,000 $22,000 $86,000 (at Jan. 1, 2026) $37,000 $29,000 $31,000 $88,000 $12,000 $54,000 $70,000 $49,000 $97,000 $33,000 $16,000 ? Supplies .. Interest revenue Patent ... Income tax expense Retained earnings Equipment ..... Accounts payable Salaries expense Sales revenue Cash .. Land Notes payable Inventory Common stock Accounts receivable Dividends .... Salaries payable Cost of goods sold Utilities expense .. .. ... ... ... .. .... ... $53,000 $26,000 $57,000 $25,000 ... .. Trademark ... Rent revenue Calculate the amount of net income reported in ABC Company's 2026 income statement.

ABC Company's accounting records reported the following account balances as of December 31, 2026: $11,000 $46,000 $58,000 $22,000 $86,000 (at Jan. 1, 2026) $37,000 $29,000 $31,000 $88,000 $12,000 $54,000 $70,000 $49,000 $97,000 $33,000 $16,000 ? Supplies .. Interest revenue Patent ... Income tax expense Retained earnings Equipment ..... Accounts payable Salaries expense Sales revenue Cash .. Land Notes payable Inventory Common stock Accounts receivable Dividends .... Salaries payable Cost of goods sold Utilities expense .. .. ... ... ... .. .... ... $53,000 $26,000 $57,000 $25,000 ... .. Trademark ... Rent revenue Calculate the amount of net income reported in ABC Company's 2026 income statement.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

100%

ABC Company's accounting records reported the following
account balances as of December 31, 2026:
$11,000
$46,000
$58,000
$22,000
$86,000 (at Jan. 1, 2026)
$37,000
$29,000
$31,000
$88,000
$12,000
$54,000
$70,000
$49,000
$97,000
$33,000
$16,000
?
Supplies
Interest revenue
Patent
Income tax expense
Retained earnings
Equipment ....
Accounts payable
Salaries expense
Sales revenue
..
...
..
Cash ..
Land
Notes payable
Inventory
Common stock
Accounts receivable
..
Dividends ...
Salaries payable
Cost of goods sold
Utilities expense
$53,000
$26,000
$57,000
$25,000
...
..
Trademark ...
Rent revenue
Calculate the amount of net income reported in ABC
Company's 2026 income statement.

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