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The following table contains financial information for Trumpeter Inc. before closing entries:


Cash $12,200
Supplies 6,200
Prepaid Rent 3,800
Salary Expense 4,900
Equipment 66,600
Service Revenue 29,700
Miscellaneous Expenses 20,300
Dividends 3,600
Accounts Payable 4,200
Common Stock 67,400
Retained Earnings 16,300

What is Trumpeter's net income?
$4,500

Respuesta :

mltn1980

Answer:

Please see details below:

Explanation:

Net Income

Sales  $29.700  

Salaries Expenses  -$4.900  

Miscellaneous Expenses -$20.300  

=================================

Net Income                 $4.500

Balance Sheets

Assets  

Cash  $12.200  

Prepaid Rent $3.800  

Equipment  $66.600  

Supplies  $6.200  

TOTAL ASSETS   $88.800  

Liabilities  

Accounts Payable   $4.200  

TOTAL LIABILITIES   $4.200  

Equity  

Common Stock   $67.400  

Retained Earnings   $17.200  

TOTAL EQUITY   $84.600  

 

Dividends  $3.600  

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