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Home Q & A Board Other Fields Homework Help Business Accounting
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H3Ko H3Ko
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Posts: 4891
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7 years ago
Following is a list of account balances of Morris Mowing Services as of December 31 of the first year of operations.

Accounts Receivable   $6,000
Accounts Payable   7,000
Salaries Expense   6,000
Repairs Expense   900
Truck   12,000
Equipment   9,000
Notes Payable   24,000
Cash   12,000
Supplies Expense   9,000
Service Revenue   24,000
Gasoline Expense   7,100
Salaries Payable   1,500

Calculate the net income.
A) $1,000
B) $34,100
C) $2,800
D) $31,300
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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wrote...
#1
7 years ago
A) $1,000
H3Ko Author
wrote...
#2
7 years ago
I just realized you had posted this! Thanks so much
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