this multiple choice questions from ACCOUNTING PRINCIPLES I.I need the final answer. The following items are taken from the financial statements of (X) Company for the year endingDecember 31, 2010:Accounts payableAccounts receivable$ 18,00011,000Accumulated depreciation-equipmentAdvertising expenseCash28,00021,00015,000Capital1/1/2010DrawingsDepreciation expense102,00014,00012,000Insurance expense3,000Note payable, due 30/6/2011Prepaid insurance (12-month policy)70,0006,000Rentexpense17,000Salaries expense32,000Service revenue133,000SuppliesSupplies expense4,0006,000Equipment210,00025. What is the company's net income for the yearending December 31, 2010?a. $133,000b. $42,000c. $28,000d. $12,00026. What are total current assets at December 31, 2010?a. $26,000b. $32,000c. $36,000d. $218,00027. What is the book value of the equipment at December 31, 2010?a. $238,000b. $210,000c. $182,000d. $170,000

The income statement represents the ent income that includes revenue and expenses of the company.…

The following items are taken from the financial statements of (X) Company for the year ending December 31, 2010: Accounts payable Accounts receivable $ 18,000 11,000 Accumulated depreciation- equipment Advertising expense Cash Capital1/1/2010 Drawings Depreciation expense 28,000 21,000 15,000 102,000 14,000 12,000

The following items are taken from the financial statements of (X) Company for the year ending December 31, 2010: Accounts payable Accounts receivable $ 18,000 11,000 Accumulated depreciation- equipment Advertising expense Cash Capital1/1/2010 Drawings Depreciation expense 28,000 21,000 15,000 102,000 14,000 12,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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