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The following items appeared on the 2021 financial records of ABC Company: Service Income ₱600,000 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 ₱600,000 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

₱600,000

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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