Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Following is a random list showing the account balances of various assets, liabilities, revenues, and expenses for Westdale Garage at December 3 1 , 2

Following is a random list showing the account balances of various assets, liabilities, revenues, and expenses for Westdale Garage at December 31,2019, the end of its first year of operations.
Accounts receivable
$15,000
Accounts payable
3,500
Salary expense
4800
Repairs expense
850
Truck
8,500
Equipment
6,300
Notes payable
8,200
Cash
7200
Supplies expense
1700
Service revenue
13700
Gasoline expense
850
Salary payable
2,200
The owner, Sticky Slop, invested $22,600 at the beginning of the year and withdrew $5,000 during the year for personal use.
The net income or loss for the year was:
Round your answer to the nearest amount. Do not include any dollar signs, commas, decimal places and/or spaces in your answer. Your answer should only include digits. For example, if the correct answer is 1021, you should enter 1021 as your answer. If you enter $1021 or 1,021 or 1021 or $1021.00, your answer will be marked wrong.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial And Managerial Accounting

Authors: John J. Wild

9th Edition

1260728773, 9781260728774

More Books

Students also viewed these Accounting questions