Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Bennett Inc. has the following balances in their accounts at year end. What is their income for the period? Accounts Payable $ 90,000 Accounts Receivable
Bennett Inc. has the following balances in their accounts at year end. What is their income for the period?
Accounts Payable | $ 90,000 |
Accounts Receivable | $ 75,700 |
Retained Earnings | $ 40,000 |
Utilities Expense | $ 12,500 |
Sales Revenue | $ 250,000 |
Buildings | $ 150,000 |
Common stock (contributed capital) | $ 200,000 |
Cash | $ 70,000 |
Equipment | $ 84,500 |
Income taxes payable | $ 7,500 |
Travel expense | $ 2,200 |
Land | $ 50,000 |
Rent Expense | $ 120,000 |
Furniture | $ 112,900 |
Salaries expense | $ 55,500 |
Enter the amount as a whole number, no commas, no dollar signs.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started