The following items appeared on the 2021 financial records of ABC Company: Service Income ₱600,000 Unearned Commission Income 80,000 Salaries Expense 420,000 Accrued Rent Expense 50,000 Interest expense 3,600 Utilities expense 84,000 Interest income 7,000 Bad Debts Expense 2,100 Supplies Expense 3,500 Taxes and Licenses Expense 1,600 What amount should be reported as net income on the company’s 2021 income statement?
The following items appeared on the 2021 financial records of ABC Company: Service Income ₱600,000 Unearned Commission Income 80,000 Salaries Expense 420,000 Accrued Rent Expense 50,000 Interest expense 3,600 Utilities expense 84,000 Interest income 7,000 Bad Debts Expense 2,100 Supplies Expense 3,500 Taxes and Licenses Expense 1,600 What amount should be reported as net income on the company’s 2021 income statement?
Chapter14: Corporation Accounting
Section: Chapter Questions
Problem 12PA: You are the accountant for Kamal Fabricating, Inc. and you oversee the preparation of financial...
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Question
The following items appeared on the 2021 financial records of ABC Company:
|
Service Income |
₱600,000 |
|
Unearned Commission Income |
80,000 |
|
Salaries Expense |
420,000 |
|
Accrued Rent Expense |
50,000 |
|
Interest expense |
3,600 |
|
Utilities expense |
84,000 |
|
Interest income |
7,000 |
|
|
2,100 |
|
Supplies Expense |
3,500 |
|
Taxes and Licenses Expense |
1,600 |
What amount should be reported as net income on the company’s 2021 income statement?
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