AC201 Unit 8 Homework

Required information [The following information applies to the questions displayed below.] The following events apply to Gulf Seafood for the Year 1 fiscal year: 1. The company started when it acquired $33,000 cash by issuing common stock. 2. Purchased a new cooktop that cost $12,800 cash. 3. Earned $20,400 in cash revenue. 4. Paid $13,900 cash for salaries expense. 5. Adjusted the records to reflect the use of the cooktop. Purchased on January 1, Year 1 , the cooktop has an expected useful life of five years and an estimated salvage value of $3,300. Use straight-line depreciation. The adjusting entry was made as of December 31, Year 1. c. What is the net income for Year 1