These items are taken from the financial statements of Sarasota Corp. at December 31, 2025. Buildings Accounts receivable Prepaid insurance Cash Equipment Land Office expense Income tax expense Depreciation expense Interest expense Common shares Retained earnings (January 1, 2025) Accumulated depreciation-buildings Accounts payable Income taxes payable Bank loan payable (due July 1, 2027) Accumulated depreciation-equipment Interest payable Service revenue (a) Calculate the net income for the year. Net income $ $123,800 14,700 5,480 13,850 96,400 71,600 680 232 6,240 3,040 72,500 46,800 53,400 9,830 1,290 109,500 21,900 4,210 16,592
These items are taken from the financial statements of Sarasota Corp. at December 31, 2025. Buildings Accounts receivable Prepaid insurance Cash Equipment Land Office expense Income tax expense Depreciation expense Interest expense Common shares Retained earnings (January 1, 2025) Accumulated depreciation-buildings Accounts payable Income taxes payable Bank loan payable (due July 1, 2027) Accumulated depreciation-equipment Interest payable Service revenue (a) Calculate the net income for the year. Net income $ $123,800 14,700 5,480 13,850 96,400 71,600 680 232 6,240 3,040 72,500 46,800 53,400 9,830 1,290 109,500 21,900 4,210 16,592
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:These items are taken from the financial statements of Sarasota Corp. at December 31, 2025.
Buildings
Accounts receivable
Prepaid insurance
Cash
Equipment
Land
Office expense
Income tax expense
Depreciation expense
Interest expense
Common shares
Retained earnings (January 1, 2025)
Accumulated depreciation-buildings
Accounts payable
Income taxes payable
Bank loan payable (due July 1, 2027)
Accumulated depreciation-equipment
Interest payable
Service revenue
(a)
Calculate the net income for the year.
Net income $
$123,800
14,700
5,480
13,850
96,400
71,600
680
232
6,240
3,040
72,500
46,800
53,400
9,830
1,290
109,500
21,900
4,210
16,592
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