The following items are taken from the financial statements of the Cheyenne Service for the year ending December 31, 2018: Accounts payable $ 18000 Accounts receivable 11000 Accumulated depreciation – equipment 28600 Advertising expense 20900 Cash 14800 Common stock 41100 Dividends 13800 Depreciation expense 12000 Insurance expense 2900 Note payable, due 6/30/19 68900 Prepaid insurance (12-month policy) 5800 Rent expense 17100 Retained earnings (1/1/18) 62900 Salaries and wages expense 31800 Service revenue 135100 Supplies 4000 Supplies expense 6000 Equipment 214500 What is the company’s net income for the year ending December 31, 2018?
The following items are taken from the financial statements of the Cheyenne Service for the year ending December 31, 2018: Accounts payable $ 18000 Accounts receivable 11000 Accumulated depreciation – equipment 28600 Advertising expense 20900 Cash 14800 Common stock 41100 Dividends 13800 Depreciation expense 12000 Insurance expense 2900 Note payable, due 6/30/19 68900 Prepaid insurance (12-month policy) 5800 Rent expense 17100 Retained earnings (1/1/18) 62900 Salaries and wages expense 31800 Service revenue 135100 Supplies 4000 Supplies expense 6000 Equipment 214500 What is the company’s net income for the year ending December 31, 2018?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following items are taken from the financial statements of the Cheyenne Service for the year ending December 31, 2018:
| Accounts payable | $ 18000 |
| 11000 | |
| 28600 | |
| Advertising expense | 20900 |
| Cash | 14800 |
| Common stock | 41100 |
| Dividends | 13800 |
| Depreciation expense | 12000 |
| Insurance expense | 2900 |
| Note payable, due 6/30/19 | 68900 |
| Prepaid insurance (12-month policy) | 5800 |
| Rent expense | 17100 |
| 62900 | |
| Salaries and wages expense | 31800 |
| Service revenue | 135100 |
| Supplies | 4000 |
| Supplies expense | 6000 |
| Equipment | 214500 |
What is the company’s net income for the year ending December 31, 2018?
|
|
$135100 |
|
|
$12000 |
|
|
$30600 |
|
|
$44400 |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education