Question
The accountant for Scott Industries prepared the following list of account balances from the company's records for the year ended December 31: Fees Earned $165,000
The accountant for Scott Industries prepared the following list of account balances from the company's records for the year ended December 31:
| Fees Earned | $165,000 | Cash | $30,000 | |
| Accounts Receivable | 16,000 | Selling Expenses | 44,000 | |
| Equipment | 64,000 | Common Stock | 47,000 | |
| Accounts Payable | 12,000 | Interest revenue | 3,000 | |
| Salaries & Wages Expense | 40,000 | Income taxes expense | 18,000 | |
| Income Taxes Payable | 5,000 | Rent expense | 20,000 |
Calculate net income or net loss.
Based on this information, is Scott Industries profitable?
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Intermediate Accounting
Authors: J. David Spiceland, James Sepe, Mark Nelson
6th edition
978-0077328894, 71313974, 9780077395810, 77328892, 9780071313971, 77395816, 978-0077400163
