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
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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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