December 31 Cash 7,530 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated Depreciation 1,100 Accounts Payable 1,900 Notes Payable 4,300 Common Stock 1,000 Retained Earnings 12,940 Dividends 790 Fees Earned 9,250 Wages Expense 2,500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 185 Totals 30,490 30,490 Determine the net income (loss) for the period. Oa. net income $9,250 Ob. net loss $790 Oc. net loss $5,670 Od. net income $3,580
December 31 Cash 7,530 Accounts Receivable 2,100 Prepaid Expenses 700 Equipment 13,700 Accumulated Depreciation 1,100 Accounts Payable 1,900 Notes Payable 4,300 Common Stock 1,000 Retained Earnings 12,940 Dividends 790 Fees Earned 9,250 Wages Expense 2,500 Rent Expense 1,960 Utilities Expense 775 Depreciation Expense 250 Miscellaneous Expense 185 Totals 30,490 30,490 Determine the net income (loss) for the period. Oa. net income $9,250 Ob. net loss $790 Oc. net loss $5,670 Od. net income $3,580
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What is the net income?
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December 31
Cash
7,530
Accounts Receivable
2,100
Prepaid Expenses
700
Equipment
13,700
Accumulated Depreciation
1,100
Accounts Payable
1,900
Notes Payable
4,300
Common Stock
1,000
Retained Earnings
12,940
Dividends
790
Fees Earned
9,250
Wages Expense
2,500
Rent Expense
1,960
Utilities Expense
775
Depreciation Expense
250
Miscellaneous Expense
185
Totals
30,490
30,490
Determine the net income (loss) for the period.
Oa. net income $9,250
Ob. net loss $790
Oc. net loss $5,670
Od. net income $3,580
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