Solution-Calculate net income and ending balance of

Calculate net income and ending balance of retained earnings

Reference no: EM132214734

Question - These items are taken from the financial statements of Carla Vista Ltd, at December 31 , 2018:

Accounts payable	$19,050	Interest expense	$5,900
Accounts receivable	19,780	Interest payable	2,200
Accumulated depreciation - buildings	54,600	Land	188,670
Accumulated depreciation - equipment	23,470	Long-term investments	32,970
Service revenue	182,040	Mortgage payable	107,000
Buildings	136,800	Operating expenses	162,680
Cash	27,040	Prepaid insurance	1,700
Common shares	144,000	Retained earnings, January 1	119,520
Equipment	68,100	Supplies	1,540
Income tax expense	6,700

Required - Calculate net income and the ending balance of retained earnings at December 31, 2018.

Reference no: EM132214734

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Calculate net income and ending balance of retained earnings

Reference no: EM132214734

Reference no: EM132214734

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