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What is the net income or loss for the period given the following? A firm has the following data from its financial records: Prepaid expense
What is the net income or loss for the period given the following?
A firm has the following data from its financial records:
Prepaid expense | 10 |
Insurance expense | 5 |
Deferred revenue | 40 |
Revenue | 60 |
Salaries payable | 30 |
Accounts receivable | 20 |
Tax expense | 8 |
Tax payable | 12 |
Interest payable | 4 |
Salaries expense | 12 |
Inventory | 16 |
COGS | 22 |
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