Calculate net income. (LO 1, 4) Suppose a company had the following accounts and balances at year-end:
Question:
Calculate net income. (LO 1, 4)
Suppose a company had the following accounts and balances at year-end:
\begin{tabular}{ll}
Service revenue & \(\$ 7,400\) \\
Interest revenue & \(\$ 2,200\) \\
Unearned revenue & \(\$ 3,250\) \\
Operating expenses & \(\$ 1,500\) \\
Prepaid rent & \(\$ 1,030\)
\end{tabular}
Prepare the income statement for the year.
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