Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

pls answer it asap As of December 31, 2020, Kalikasan Trading has the following account balances (see picture). In preparing the statement of financial position,

pls answer it asap

image text in transcribed
As of December 31, 2020, Kalikasan Trading has the following account balances (see picture). In preparing the statement of financial position, how much is the net income? Cash on hand 25,432 Account receivable 38, 127 Inventories 24,836 Prepaid supplies 4,561 Prepaid rent 8,427 Furnitures 30,265 Accumulated depreciation - Furnitures 12, 106 Accounts payable 18,561 Accrued expenses payable 14,814 Unearned service income 12,084 Owner's equity 22,544 Service income 591,268 Salaries and wages expense 201,563 Utilities expense 65,240 Rent expense 236,810 Supplies expense 20,543 Taxes and licenses expense 9,520 Depreciation expense 6,053

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 Accounting

Authors: Jan Williams, Susan Haka, Mark S Bettner, Joseph V Carcello

16th edition

1259692396, 77862384, 978-0077862381

More Books

Students also viewed these Accounting questions

Question

Relax your shoulders

Answered: 1 week ago

Question

Keep your head straight on your shoulders

Answered: 1 week ago

Question

Be straight in the back without blowing out the chest

Answered: 1 week ago