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ONLY THE NET INCOME IS NEEDED! THANK YOU WILL THUMBS UP Transactions during 2021 (summarized in thousands of dollars) follow: a. Borrowed $19 cash on
ONLY THE NET INCOME IS NEEDED! THANK YOU WILL THUMBS UP
Transactions during 2021 (summarized in thousands of dollars) follow: a. Borrowed $19 cash on July 1, 2021, signing a six-month note payable. b. Purchased equipment for $20 cash on July 2 . c. Issued additional shares of common stock on July 3 for $5. d. Purchased additional equipment on August 4,$3 cash. e. Purchased, on account, supplies on September 5 for future use, $10. f On December 6 , recorded revenues in the amount of $63, including $9 on credit and $54 received in cash. g. Paid salaries and wages expenses on December 7,$21 h. Collected accounts receivable on December 8,$8. i. Paid accounts payable on December 9,$11. i. Received a $3 deposit on December 10 for work to start January 15,2022. Data for adjusting journal entries on December 31 : k. Amortization for 2021,$3. 1. Supplies of $4 were counted on December 31, 2021. m. Depreciation for 2021, $2. n. Accrued interest on notes payable of $2. o. Salaries and wages earned but not yet paid, $3. p. Income tax for 2021 was $8 and will be paid in 2022 . Rechulrecl: Q-a. How much net income did Lazy Sofa Furniture, Incorporated, generate during 2021? Q- Is the company financed primarily by liabilities or stockholders' equity? How much net income did Lazy Sofa Furniture, Incorporated, generate during 2021 ? (Enter your answer in thousands of dollars.)Step by Step Solution
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