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Smiles Entertainment had the following accounts and balances at December 31: Account Debit Credit Cash $ 11,400 Accounts Receivable 2,280 Prepaid Insurance 2,960 Supplies 1,280
Smiles Entertainment had the following accounts and balances at December 31:
| Account | Debit | Credit | |||
| Cash | $ | 11,400 | |||
| Accounts Receivable | 2,280 | ||||
| Prepaid Insurance | 2,960 | ||||
| Supplies | 1,280 | ||||
| Accounts Payable | $ | 5,700 | |||
| Common Stock | 4,700 | ||||
| Retained Earnings | 1,040 | ||||
| Service Revenue | 8,400 | ||||
| Salaries Expense | 640 | ||||
| Utilities Expense | 1,280 | ||||
| Totals | $ | 19,840 | $ | 19,840 | |
Using the information in the table, calculate the company's reported net income for the period.
Multiple Choice
$5,060.
$4,420.
$6,480.
$1,380.
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