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Smiles Entertainment had the following accounts and balances at December 31: Account Debit Credit Cash $ 10,400 Accounts Receivable 2,080 Prepaid Insurance 2,560 Supplies 1,080

Smiles Entertainment had the following accounts and balances at December 31:

Account Debit Credit
Cash $ 10,400
Accounts Receivable 2,080
Prepaid Insurance 2,560
Supplies 1,080
Accounts Payable $ 5,200
Common Stock 4,200
Retained Earnings 940
Service Revenue 7,400
Salaries Expense 540
Utilities Expense 1,080
Totals $ 17,740 $ 17,740

Using the information in the table, calculate the company's reported net income for the period.

Multiple Choice

  • $1,180.

  • $10,880.

  • $5,780.

  • $4,120.

  • $4,660.

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