Smiles Entertainment had the following accounts and balances at December 31:22AccountDebitCreditCash$11,800Accounts Receivable2,360Prepaid InsuranceSuppliesAccounts PayableSkipped3,1201,360$ 5,900T. Happy, Capital5,980Service Revenue8,800Salaries Expense680Utilities Expense1,360Totals$20,680 $20,680Using the information in the table, calculate the company's reported net income for the period.Multiple Choice$1,460.$4,540.

Question
Asked Sep 10, 2019
71 views
Smiles Entertainment had the following accounts and balances at December 31:
22
Account
Debit
Credit
Cash
$11,800
Accounts Receivable
2,360
Prepaid Insurance
Supplies
Accounts Payable
Skipped
3,120
1,360
$ 5,900
T. Happy, Capital
5,980
Service Revenue
8,800
Salaries Expense
680
Utilities Expense
1,360
Totals
$20,680 $20,680
Using the information in the table, calculate the company's reported net income for the period.
Multiple Choice
$1,460.
$4,540.
help_outline

Image Transcriptionclose

Smiles Entertainment had the following accounts and balances at December 31: 22 Account Debit Credit Cash $11,800 Accounts Receivable 2,360 Prepaid Insurance Supplies Accounts Payable Skipped 3,120 1,360 $ 5,900 T. Happy, Capital 5,980 Service Revenue 8,800 Salaries Expense 680 Utilities Expense 1,360 Totals $20,680 $20,680 Using the information in the table, calculate the company's reported net income for the period. Multiple Choice $1,460. $4,540.

fullscreen
check_circle

Expert Answer

Step 1

Net income: Net income is the excess amount of revenue which arises after deducting all the expenses of a company. ...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Final Accounts

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: What represents a company’s primary means of cummunicaying information to external users?

A: First of all, we need to understand who are external users- these are the people who are interested ...

question_answer

Q: How to prepare a statement of stockholder's equity, specially in terms of the retained earnings and ...

A: A statement of  owner's equity shows the equity balances owned by the  stockholders showing the comp...

question_answer

Q: Discuss why small businesses might not choose to extensively engage in the budget process.  Also dis...

A: Budgeting is an important part of the business process. Without budgeting a business can not track i...

question_answer

Q: The following is a payroll sheet for Otis Imports for the month of September 2020. The company is al...

A: a.Payroll sheet:

question_answer

Q: Mercer Asbestos Removal Company removes potentially toxic asbestos insulation and related products f...

A: Click to see the answer

question_answer

Q: Partially completed budget performance reports for Garland Company, a manufacturer of light duty mot...

A: Budget: Budget is an effective tool to achieve the financial and operational goals of the business. ...

question_answer

Q: During the current year, Hitchcock Developers disposed of plant assets in the following transactions...

A: Disposal of asset: Disposal of asset is a non-recurring transaction, which record the sale of asset....

question_answer

Q: 1-35 Professional ethics and end-of-year actions. Linda Butler is the new division controller of the...

A: The management is responsible for presenting a true and fair view of the financial statements. Howev...

question_answer

Q: Flexible Budgeting At the beginning of the period, the Fabricating Department budgeted direct labor ...

A: Calculate the direct labor cost per production hour: