Homework Help is Here – Start Your Trial Now!
Business
Accounting
The following items are taken from the financial statements of the Cheyenne Service for the year ending December 31, 2018: Accounts payable $  18000 Accounts receivable 11000 Accumulated depreciation – equipment 28600 Advertising expense 20900 Cash 14800 Common stock 41100 Dividends 13800 Depreciation expense 12000 Insurance expense 2900 Note payable, due 6/30/19 68900 Prepaid insurance (12-month policy) 5800 Rent expense 17100 Retained earnings (1/1/18) 62900 Salaries and wages expense 31800 Service revenue 135100 Supplies 4000 Supplies expense 6000 Equipment 214500 What is the company’s net income for the year ending December 31, 2018?

The following items are taken from the financial statements of the Cheyenne Service for the year ending December 31, 2018: Accounts payable $  18000 Accounts receivable 11000 Accumulated depreciation – equipment 28600 Advertising expense 20900 Cash 14800 Common stock 41100 Dividends 13800 Depreciation expense 12000 Insurance expense 2900 Note payable, due 6/30/19 68900 Prepaid insurance (12-month policy) 5800 Rent expense 17100 Retained earnings (1/1/18) 62900 Salaries and wages expense 31800 Service revenue 135100 Supplies 4000 Supplies expense 6000 Equipment 214500 What is the company’s net income for the year ending December 31, 2018?

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 4MCQ
See similar textbooks
icon
Related questions
Question

The following items are taken from the financial statements of the Cheyenne Service for the year ending December 31, 2018:

Accounts payable $  18000
Accounts receivable 11000
Accumulated depreciation – equipment 28600
Advertising expense 20900
Cash 14800
Common stock 41100
Dividends 13800
Depreciation expense 12000
Insurance expense 2900
Note payable, due 6/30/19 68900
Prepaid insurance (12-month policy) 5800
Rent expense 17100
Retained earnings (1/1/18) 62900
Salaries and wages expense 31800
Service revenue 135100
Supplies 4000
Supplies expense 6000
Equipment 214500


What is the company’s net income for the year ending December 31, 2018?


 

 

 $135100

 

 $12000

 

 $30600

 

 $44400
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Intangible assets
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS