Using the data below, compute NET INCOME. Wages Expense 200 Cash 220 Income Tax
ID: 2498667 • Letter: U
Question
Using the data below, compute NET INCOME.
Wages Expense 200
Cash 220
Income Tax Expense 240
Prepaid Insurance Expense 120
Interest Expense 300
Interest Revenue 500
Unearned Rent Revenue 150
Accounts Payable 600
Inventory 800
Cost of Goods Sold 1,600
Sales Revenue 3,000
$2,790
$1,310
$2,760
$1,190
$1,160
$1,040
$2,790
$1,310
$2,760
$1,190
$1,160
$1,040
Explanation / Answer
Sales Revenue 3,000
Add- Interest Revenue 500
Less-
Cost of Goods Sold 1,600
Wages Expense 200
Income Tax Expense 240
Prepaid Insurance Expense 120
Interest Expense 300
Net income 1040
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