General accounting Zora Tech Ltd. has the following balances in its general ledger at December 31, 2024.AccountsAmount ($)Cash$12,500Interest Payable$9,600Dividends$12,000Sales$155,000Wages Expense$80,000Common Stock$3,000Accounts Payable$10,000Retained Earnings$45,000Accumulated Depreciation $195,000Depreciation$6,000Fixed Assets$240,000Inventory$25,000Interest Expense$32,000Taxes Payable$16,000Utilities Expense$18,000Based on the above information, what is ZoraTech Ltd.'s net income for 2024?

Step 1: Define Net IncomeNet Income is the amount remaining after deducting all expenses (operating,…

Answered: Zora Tech Ltd. has the following…

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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