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Determine the amount that should be entered on net income

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Reference no: EM132582530

These Income Statement columns from a 10-column work sheet are for Brown's Bike Rental Company.

Account Title Debit Credit

Rent earned 127,000

Salaries expense56,388

Insurance expense8,001

Office supplies expense18,669

Bike repair expense3,937

Depreciation expense-Bikes24,257

Question (1) Determine the amount that should be entered on the net income line of the work sheet.

Question (2) Prepare the company's closing entries. The owner, H. Brown, did not make any withdrawals this period.

Reference no: EM132582530

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