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These items are taken from the financial statements of Flint Corp. at December 31, 2018. Buildings $116,380 Accounts receivable 13,860 Prepaid insurance 5,148 Cash 13,024
These items are taken from the financial statements of Flint Corp. at December 31, 2018.
Buildings | $116,380 | ||
---|---|---|---|
Accounts receivable | 13,860 | ||
Prepaid insurance | 5,148 | ||
Cash | 13,024 | ||
Equipment | 90,640 | ||
Land | 67,320 | ||
Office expense | 638 | ||
Income tax expense | 220 | ||
Depreciation expense | 5,830 | ||
Interest expense | 2,860 | ||
Common shares | 68,200 | ||
Retained earnings (January 1, 2018) | 44,000 | ||
Accumulated depreciationbuilding | 50,160 | ||
Accounts payable | 9,240 | ||
Income taxes payable | 1,210 | ||
Bank loan payable (due July 1, 2020) | 102,960 | ||
Accumulated depreciationequipment | 20,592 | ||
Interest payable | 3,960 | ||
Sales | 15,598 |
Calculate the net income for the year.
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