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Jt7-K1 Company's December 31, 2029 unadjusted trial balance reported the following accounts: Copyright ................... $56,600 Notes payable ............... $79,300 Interest revenue ............ $29,500 Depreciation expense
Jt7-K1 Company's December 31, 2029 unadjusted trial balance reported the following accounts: Copyright ................... $56,600 Notes payable ............... $79,300 Interest revenue ............ $29,500 Depreciation expense ........ $11,300 Supplies .................... $31,900 Cash ........................ ? Unearned revenue ............ $19,200 Accounts receivable ......... $57,900 Salaries expense ............ $21,200 Equipment ................... $81,300 Inventory ................... $63,800 Cost of goods sold .......... $44,600 Retained earnings ........... $88,100 (at January 1, 2029) Income tax expense .......... $13,400 Accumulated depreciation .... $22,300 Common Stock ................ ? Land ........................ $51,600 Accounts payable ............ $36,300 Sales revenue ............... $96,900 Jt7-K1 Company has not yet recorded the following adjusting entries: 1) $8,300 of supplies were used up 2) A $7,600 utility bill for December has been received but not yet paid as of December 31 Calculate the amount of net income that Jt7-K1 Company would would report in its 2029 income statement after the necessary adjusting entries have been recorded. HINT: It is not necessary to calculate the missing amounts in order to solve this problem.
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