Calculate net income? General accounting Use the following information for the year ended December 31, 2015 to calculatenet income.SuppliesRevenues$1,000$23,000Operating expenses $12,000Cash$15,000Accounts payable $9,000Drawings$1,000Accounts receivable $3,000Notes payable$1,000Beginning capital$5,000Equipment$6,000

Step 1: Define Net IncomeNet income can be defined as the ultimate profit made by a company by…

Answered: Use the following information for the…

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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Use the following information for the year ended December 31, 2015 to calculate net income. Supplies Revenues $1,000 $23,000 Operating expenses $12,000 Cash $15,000 Accounts payable $9,000 Drawings $1,000 Accounts receivable $3,000 Notes payable $1,000 Beginning capital $5,000 Equipment $6,000