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The following items appeared on the 2021 financial records of ABC Company: Service Income P600,000 Unearned Commission Income 80,000 Salaries Expense 420,000 Accrued Rent Expense 50,000 Interest expense 3,600 Utilities expense 84,000 Interest income 7,000 Bad Debts Expense 2,100 Supplies Expense 3,500 Taxes and Licenses Expense 1,600 What amount should be reported as net income on the company's 2021 income statement?

The following items appeared on the 2021 financial records of ABC Company: Service Income P600,000 Unearned Commission Income 80,000 Salaries Expense 420,000 Accrued Rent Expense 50,000 Interest expense 3,600 Utilities expense 84,000 Interest income 7,000 Bad Debts Expense 2,100 Supplies Expense 3,500 Taxes and Licenses Expense 1,600 What amount should be reported as net income on the company's 2021 income statement?

FINANCIAL ACCOUNTING
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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The following items appeared on the 2021 financial records of ABC Company: Service Income P600,000 Unearned Commission Income 80,000 Salaries Expense 420,000 Accrued Rent Expense 50,000 Interest expense 3,600 Utilities expense 84,000 Interest income 7,000 Bad Debts Expense 2,100 Supplies Expense 3,500 Taxes and Licenses Expense 1,600 What amount should be reported as net income on the company's 2021 income statement?
Transcribed Image Text:The following items appeared on the 2021 financial records of ABC Company: Service Income P600,000 Unearned Commission Income 80,000 Salaries Expense 420,000 Accrued Rent Expense 50,000 Interest expense 3,600 Utilities expense 84,000 Interest income 7,000 Bad Debts Expense 2,100 Supplies Expense 3,500 Taxes and Licenses Expense 1,600 What amount should be reported as net income on the company's 2021 income statement?
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