• Credit sales totaled $489,000. • Rent expense was $49,000. • Cash sales totaled $350,000. Cash collections from customers for services not yet provided totaled $84,000. • Loss from the sale of trading debt investments during the year was $20,000. • Interest expense was $10,900. • Salaries expense was $336,000. Purchased $180,000 of equipment on account. Depreciation expense for the equipment was $36,000. • Sales discounts on credit sales were $10,000. Unrealized gain on available for sale debt investments was $2,000. Interest income was $7,500. • Other operating expenses totaled $79,000. What was Company's net income for 2020?
• Credit sales totaled $489,000. • Rent expense was $49,000. • Cash sales totaled $350,000. Cash collections from customers for services not yet provided totaled $84,000. • Loss from the sale of trading debt investments during the year was $20,000. • Interest expense was $10,900. • Salaries expense was $336,000. Purchased $180,000 of equipment on account. Depreciation expense for the equipment was $36,000. • Sales discounts on credit sales were $10,000. Unrealized gain on available for sale debt investments was $2,000. Interest income was $7,500. • Other operating expenses totaled $79,000. What was Company's net income for 2020?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Net income
Transcribed Image Text:• Credit sales totaled $489,000.
• Rent expense was $49,000.
• Cash sales totaled $350,000.
Cash collections from customers for services not yet provided totaled $84,000.
• Loss from the sale of trading debt investments during the year was $20,000.
• Interest expense was $10,900.
• Salaries expense was $336,000.
• Purchased $180,000 of equipment on account.
Depreciation expense for the equipment was $36,000.
• Sales discounts on credit sales were $10,000.
Unrealized gain on available for sale debt investments was $2,000.
• Interest income was $7,500.
• Other operating expenses totaled $79,000.
What was
Company's net income for 2020?
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