The accountant for Scott Industries prepared the following list of account balances from the company's records for the year ended December 31: Fees Earned $165,000 Cash $30,000 Accounts Receivable 16,000 Selling Expenses 44,000 Equipment 64,000 Common Stock 47,000 Accounts Payable 12,000 Interest revenue 3,000 Salaries & Wages Expense 40,000 Income taxes expense 18,000 Income Taxes Payable 5,000 Rent expense 20,000 Calculate net income or net loss. $fill in the blank 2 Based on this information, is Scott Industries profitable?
The accountant for Scott Industries prepared the following list of account balances from the company's records for the year ended December 31: Fees Earned $165,000 Cash $30,000 Accounts Receivable 16,000 Selling Expenses 44,000 Equipment 64,000 Common Stock 47,000 Accounts Payable 12,000 Interest revenue 3,000 Salaries & Wages Expense 40,000 Income taxes expense 18,000 Income Taxes Payable 5,000 Rent expense 20,000 Calculate net income or net loss. $fill in the blank 2 Based on this information, is Scott Industries profitable?
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter4: Completing The Accounting Cycle
Section: Chapter Questions
Problem 7E: FedEx Corporation had the following revenue and expense account balances (in millions) for a recent...
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The accountant for Scott Industries prepared the following list of account balances from the company's records for the year ended December 31:
| Fees Earned | $165,000 | Cash | $30,000 | |
| 16,000 | Selling Expenses | 44,000 | ||
| Equipment | 64,000 | Common Stock | 47,000 | |
| Accounts Payable | 12,000 | Interest revenue | 3,000 | |
| Salaries & Wages Expense | 40,000 | Income taxes expense | 18,000 | |
| Income Taxes Payable | 5,000 | Rent expense | 20,000 |
Calculate net income or net loss.
$fill in the blank 2
Based on this information, is Scott Industries profitable?
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