Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sales Revenue $24,000 Given below are several accounts from Cunningham, Inc.'s trial balance at December 31, 2004. Accounts Receivable $ 4,850 Accounts Payable 600

image text in transcribed

Sales Revenue $24,000 Given below are several accounts from Cunningham, Inc.'s trial balance at December 31, 2004. Accounts Receivable $ 4,850 Accounts Payable 600 Rent Expense 4,000 Dividends 750 Interest Revenue 950 Fees Collected in Advance 400 Depreciation Expense 1,550 Supplies 500 Supplies Expense 2,000 Cash 4,500 Prepaid Rent 1,150 Wages Expense 2,800 Wages Payable 1,600 Cost of Goods Sold 12,500 Retained Earnings, Jan. 1, 2004 6,000 What is the net income for the year ended December 31, 2004? Select one: a. $2,100 b. $950 c. $1,700 d. $1,350

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

Survey of Accounting

Authors: Thomas Edmonds, Christopher, Philip Olds, Frances McNair, Bor

4th edition

77862376, 978-0077862374

More Books

Students also viewed these Accounting questions

Question

Understand basic currency measures. LO,1

Answered: 1 week ago

Question

Annualize partial-year expenses. LO,1

Answered: 1 week ago