Shown below in alphabetical order are the accounts for Reduce Reuse Remodel, Inc. at the end of the company’s fiscal year, June 30, 2021. The amounts are rounded to the nearest $1,000.Accounts payable$ 30Notes payable (due in 5 years)$100 Accounts receivable18Prepaid insurance8Accumulated depreciation160Remodeling revenue650Cash15Rent expense63Common stock150Retained earnings, 7/1/2079Depreciation expense40Salaries expense150Dividends25Salaries payable17Equipment500Supplies31Income taxes payable3Supplies expense275Miscellaneous expense84Unearned revenue20Calculate Net Income for the year ending 6/30/21.

Net income is equal to Sales minus expenses . Sales and expenses for the same period will be…

Answered: Calculate Net Income for the year…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Shown below in alphabetical order are the accounts for Reduce Reuse Remodel, Inc. at the end of the company’s fiscal year, June 30, 2021. The amounts are rounded to the nearest $1,000.

Accounts payable	$ 30	Notes payable (due in 5 years)	$100
Accounts receivable	18	Prepaid insurance	8
Accumulated depreciation	160	Remodeling revenue	650
Cash	15	Rent expense	63
Common stock	150	Retained earnings, 7/1/20	79
Depreciation expense	40	Salaries expense	150
Dividends	25	Salaries payable	17
Equipment	500	Supplies	31
Income taxes payable	3	Supplies expense	275
Miscellaneous expense	84	Unearned revenue	20