MC Qu 158 Smiles Entertainment had the following Smiles Ente

MC Qu. 158 Smiles Entertainment had the following... Smiles Entertainment had the following accounts and balances at December 31: Account Debit Credit Cash $10,300 2,060 2,520 1,060 Accounts Receivable Prepaid Insurance Supplies Accounts Payable Common Stock Retained Earnings Service Revenue Salaries Expense Utilities Expense Totals 5,150 4,150 930 7,300 530 1,060 $17,530 $17,530 Using the information in the table, calculate the company\'s reported net income for the period. 70 iliNext >

Solution

Calculate net income :

Net income = Service revenue-salaries exp-utilities exp

= 7300-530-1060

Net income = 5710