Net Income , SFP Cash12,000Accounts Receivable7,800Prepaid Rent2,200Equipment23,200AccumulatedDepreciation-Equipment5,300Notes Payable5,800Accounts Payable4,800Owner's Capital29,750Owner's Drawings3,800Service Revenue15,600Salaries and Wages10,600ExpenseRent Expense900Depreciation Expense750Interest Expense80Interest Payable80Totals61,33061,330

Net Income is the excess of revenue over expenses.

Answered: Net Income , SFP

Business

Accounting

Net Income , SFP

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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Question

Net Income , SFP

Cash
12,000
Accounts Receivable
7,800
Prepaid Rent
2,200
Equipment
23,200
Accumulated
Depreciation-Equipment
5,300
Notes Payable
5,800
Accounts Payable
4,800
Owner's Capital
29,750
Owner's Drawings
3,800
Service Revenue
15,600
Salaries and Wages
10,600
Expense
Rent Expense
900
Depreciation Expense
750
Interest Expense
80
Interest Payable
80
Totals
61,330
61,330

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