Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following items are taken from the financial s

The following items are taken from the financial statements of the Splish Service for the...

50.1K

Verified Solution

Question

Accounting

The following items are taken from the financial statements of the Splish Service for the year ending December 31, 2020:

Accounts payable $ 17900
Accounts receivable 11200
Accumulated depreciation equipment 27700
Advertising expense 21000
Cash 14900
Owners capital (1/1/20) 41500
Owner's drawings 13800
Depreciation expense 12000
Insurance expense 3100
Note payable, due 6/30/21 71300
Prepaid insurance (12-month policy) 5800
Rent expense 17000
Salaries and wages expense 32200
Service revenue 130800
Supplies 4100
Supplies expense 6000
Equipment 223600

What is the companys net income for the year ending December 31, 2020?

$15700

$130800

$25700

$39500

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Recorded here are the germination times (in days) for sixteen randomly chosen seeds of a new...

Statistics
Q

Test whether profit for Massive Dynamic increased across the two time periods. You are not told...

Statistics
Q

Describe how cancer cells promote angiogensis and add a note on the role of anti-angiogenesis factors...

Medical Sciences
Q

Which of theseterms describes apesticide that doesnot break downeasily or quickly inenvironment?A. persistenceB. bioaccumulationC. biodegradableD....

Biology
Q

Three point charges q1 = 21 x 10-6 C, q2 =28 x 10-6 C and...

Physics
Q

try 23 Hanna Anguiano CA Geometry B Illuminate Credit 1 pdf 3 2 a 2...

Geometry
Q

What is the graph of the rational function y a b TO 10 Select one...

Algebra
Q

The comparative unclassified statement of financial position for Blossom Ltd. follows: Additional information...

Accounting
Q

Holly Corporation purchased all of Swiss Corporation's common stock for $970,000 on July 1, 2003....

Accounting
Q

QUESTION 4 (20 Marks) 4.1 Use the information below INFORMATION AB Ltd acquired 85% of...

Accounting
Q

Lopez Sales Company had the following balances in its accounts on January 1, Year 2:...

Accounting
Q

Which one of the following statements is correct? The greater the volatility of returns, the...

Finance