Calculate the companys reported net income for the period

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Question

Smiles Entertainment had the following accounts and balances at December 31:

Account Debit Credit Cash $10,000

Accounts Receivable 2,000

Prepaid Insurance 2,400

Supplies 1,000

Accounts Payable $5,000

Common Stock 4,000

Retained Earnings 900

Service Revenue 7,000

Salaries Expense 500

Utilities Expense 1,000

Totals$16,900 $16,900.

Calculate the company's reported net income for the period.

Reference no: EM132324949

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