The following items are taken from the financial statements of the Freight Service for the yearending December 31, 2021:Accounts payableAccounts receivableAccumulated depreciation-equipmentAdvertising expenseCashOwner's capital (1/1/16)Owner's drawingsDepreciation expenseInsurance expenseNote payable, due 6/30/17Prepaid insurance (12-month policy)Rent expenseSalaries & wages expenseService revenueSuppliesSupplies expenseEquipmentO $44,000O $14,000$33.000$19,00013,00026,00021,20015,000104,00011,00012,0003,80072,000$135,0007,20016,00032,000135,000What is the company's net income for the year ending December 31, 2016?5,0006,000210,000

The net income is calculated as difference between revenue and expenses. The income statement tells…

The following items are taken from the financial statements of the Freight Service for the ye ending December 31, 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Advertising expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/17 $19,000 13,000 26,000 21,200 15,000 104,000 11,000 12,000 3,800 72,000

The following items are taken from the financial statements of the Freight Service for the ye ending December 31, 2021: Accounts payable Accounts receivable Accumulated depreciation-equipment Advertising expense Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/17 $19,000 13,000 26,000 21,200 15,000 104,000 11,000 12,000 3,800 72,000

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

The following items are taken from the financial statements of the Freight Service for the year
ending December 31, 2021:
Accounts payable
Accounts receivable
Accumulated depreciation-equipment
Advertising expense
Cash
Owner's capital (1/1/16)
Owner's drawings
Depreciation expense
Insurance expense
Note payable, due 6/30/17
Prepaid insurance (12-month policy)
Rent expense
Salaries & wages expense
Service revenue
Supplies
Supplies expense
Equipment
O $44,000
O $14,000
$33.000
$19,000
13,000
26,000
21,200
15,000
104,000
11,000
12,000
3,800
72,000
$135,000
7,200
16,000
32,000
135,000
What is the company's net income for the year ending December 31, 2016?
5,000
6,000
210,000

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