Please do not give solution in image format thanku At the end of the year the Foxtrot Company reported the following information:CashCost of goods sold$62,000Payroll expensePrepaid expenses3,000RevenueAccounts receivable1,000InventoryAccounts payable2,000Depreciation expenseUnearned revenue800What is the company's net income?$4,00012,00090,0004,000500

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What is the company's net income?

Cornerstones of Financial Accounting

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Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...

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Question

Please do not give solution in image format thanku

At the end of the year the Foxtrot Company reported the following information:
Cash
Cost of goods sold
$62,000
Payroll expense
Prepaid expenses
3,000
Revenue
Accounts receivable
1,000
Inventory
Accounts payable
2,000
Depreciation expense
Unearned revenue
800
What is the company's net income?
$4,000
12,000
90,000
4,000
500

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