Please answer the question correctly. Thanksq33 ABC Company, a computer repair shop provided the following information at the endof its first month of operation:P 160,000Computer repair services rendered2,500Interest income earned from customer's promissory note11,000Payment for the shop's space rental19,600Payment for the salaries of employees for the month12,450Payment of the shop's electricity bill for the monthPayment of the telephone bill in the residence of theowner of ABC Company15,600Determine the net income (loss) of ABC Company on its first month of operation.

The income statement shows the net income or net loss that is calculated by deducting the expenses…

Answered: ABC Company, a computer repair shop…

Business

Accounting

ABC Company, a computer repair shop provided the following information at the end of its first month of operation:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 14EA: Toren Inc. employs one person to run its solar management company. The employees gross income for...

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