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

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

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 9RQSC: Assume that an organization asserts that it has $35 million in net accounts receivable. Describe...

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Question

Calculate net income? General accounting

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

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