ABC Company's accounting records reported the following account balances as of December 31, 2026: 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 Trademark Rent revenue ---- II $11,000 $46,000 $58,000 $22,000 $86,000 (at Jan. 1, 2026) $37,000 $29,000 $31,000 $88,000 $21,000 $54,000 $70,000 $49,000 $97,000 $33,000 $16,000 ? $53,000 $25,000 $75,000 $26,000 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: 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 Trademark Rent revenue ---- II $11,000 $46,000 $58,000 $22,000 $86,000 (at Jan. 1, 2026) $37,000 $29,000 $31,000 $88,000 $21,000 $54,000 $70,000 $49,000 $97,000 $33,000 $16,000 ? $53,000 $25,000 $75,000 $26,000 Calculate the amount of net income reported in ABC Company's 2026 income statement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![ABC Company's accounting records reported the following
account balances as of December 31, 2026:
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
II.
Cost of goods sold
Utilities expense
Trademark
Rent revenue
..
..
$11,000
$46,000
$58,000
$22,000
$86,000 (at Jan. 1, 2026)
$37,000
$29,000
$31,000
$88,000
$21,000
$54,000
$70,000
$49,000
$97,000
$33,000
$16,000
?
$53,000
$25,000
$75,000
$26,000
Calculate the amount of net income reported in ABC
Company's 2026 income statement.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F659b9ede-68f1-4062-9a54-ff369cbb18a0%2Ff4e2d927-2321-4cf3-b5df-25a2ffaaaca3%2Ffflvj8f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:ABC Company's accounting records reported the following
account balances as of December 31, 2026:
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
II.
Cost of goods sold
Utilities expense
Trademark
Rent revenue
..
..
$11,000
$46,000
$58,000
$22,000
$86,000 (at Jan. 1, 2026)
$37,000
$29,000
$31,000
$88,000
$21,000
$54,000
$70,000
$49,000
$97,000
$33,000
$16,000
?
$53,000
$25,000
$75,000
$26,000
Calculate the amount of net income reported in ABC
Company's 2026 income statement.
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