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The following pre-closing accounts and balances were drawn from the records of ABC Company on December 31, Year 1: Cash $3,800 Accounts receivable $1,550 Dividends $1,900 Common stock $2,375 Land $2,200 Revenue $2,200 Accounts payable $1,150 Expense $1,250 The amount of net income shown on the company's Year 1 income statement would amount to: Multiple Choice O$1,250 0 $2,200 0 $950
The following pre-closing accounts and balances were drawn from the records of ABC Company on December 31, Year 1:
Cash $3,800 Accounts receivable $1,550 Dividends $1,900 Common stock $2,375 Land $2,200 Revenue $2,200 Accounts payable $1,150 Expense $1,250
The amount of net income shown on the company's Year 1 income statement would amount to:
Multiple Choice O$1,250 0 $2,200 0 $950
Expert Solution
Computation of Net Income shown on Company's Year 1 Income Statement:
Net Income = Revenue - Expenses
= $2,200 - $1,250
= $950
So, the correct option is 3rd "$950".
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