ABC Company's accounting records reported the following account balances as of December 31, 2026: $11,000 $46,000 $58,000 $22,000 $86,000 (at Jan. 1, 2026) $37,000 $29,000 $31,000 $88,000 $12,000 $54,000 $70,000 $49,000 $97,000 $33,000 $16,000 ? Supplies .. Interest revenue Patent ... Income tax expense Retained earnings Equipment ..... Accounts payable Salaries expense Sales revenue Cash .. Land Notes payable Inventory Common stock Accounts receivable Dividends .... Salaries payable Cost of goods sold Utilities expense .. .. ... ... ... .. .... ... $53,000 $26,000 $57,000 $25,000 ... .. Trademark ... Rent revenue Calculate the amount of net income reported in ABC Company's 2026 income statement.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter21: The Statement Of Cash Flows
Section: Chapter Questions
Problem 3E: Visual Inspection Noble Companys accounting records provided the following changes in account...
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ABC Company's accounting records reported the following
account balances as of December 31, 2026:
$11,000
$46,000
$58,000
$22,000
$86,000 (at Jan. 1, 2026)
$37,000
$29,000
$31,000
$88,000
$12,000
$54,000
$70,000
$49,000
$97,000
$33,000
$16,000
?
Supplies
Interest revenue
Patent
Income tax expense
Retained earnings
Equipment ....
Accounts payable
Salaries expense
Sales revenue
..
...
..
Cash ..
Land
Notes payable
Inventory
Common stock
Accounts receivable
..
Dividends ...
Salaries payable
Cost of goods sold
Utilities expense
$53,000
$26,000
$57,000
$25,000
...
..
Trademark ...
Rent revenue
Calculate the amount of net income reported in ABC
Company's 2026 income statement.
Transcribed Image Text:ABC Company's accounting records reported the following account balances as of December 31, 2026: $11,000 $46,000 $58,000 $22,000 $86,000 (at Jan. 1, 2026) $37,000 $29,000 $31,000 $88,000 $12,000 $54,000 $70,000 $49,000 $97,000 $33,000 $16,000 ? Supplies Interest revenue Patent Income tax expense Retained earnings Equipment .... Accounts payable Salaries expense Sales revenue .. ... .. Cash .. Land Notes payable Inventory Common stock Accounts receivable .. Dividends ... Salaries payable Cost of goods sold Utilities expense $53,000 $26,000 $57,000 $25,000 ... .. Trademark ... Rent revenue Calculate the amount of net income reported in ABC Company's 2026 income statement.
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