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Question: The following selected account balances were drawn from the financial statements of the XYZ Company at December 31, end of the accounting period.
Cash $15,000
Accounts Receivable $20,000
Salaries Expense $14,000
Service Revenue $30,000
Common Stock $13,700
Interest Expense $ 3,000
Salaries Payable $ 9,000
Ending Retained Earnings $34,000
Land $28,000
Unearned Revenue $ 6,300
Based on this information, the amount of net income shown on XYZ's 12/31 income statement is.
Gordon died on January 1 and by his will left land with an adjusted basis of $60,000 and a FMV of $100,000 to Becky. Becky disclaims the property on December 31 of the year of death, when the land was still worth $100,000. Becky has made a gift (b..
Investments (available-for-sale) were sold at $1,700 above their cost. The company has made similar sales and investments in the past.
franklin has received a special order for 10000 units of its product at a special price of 15. the product normally
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