User Account

All Pages

What the amount of net income shown on xyz december

Assignment Help Financial Accounting
Reference no: EM132763077

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

Problem 1: Based on this information, the amount of net income shown on XYZ's 12/31 income statement is:

A. $28,000
B. $25,000
C. $15,000
D. $13,000

Reference no: EM132763077

Questions Cloud

Evacuate the contamination area : When you evacuate you will use 5-ton trucks. You estimate it will take your unit 3 hours to evacuate the contamination area. What is your optimum time of exit?
What is ccc stock worth today : Conroy Consulting Corporation (CCC) has been growing at a rate of 32.0% per year in recent years, then what is CCC's stock worth today (P0)?
What amount is to be reported in net income : J sold a diamond ring for $4,000 that she purchased for $600 many years earlier. She also sold a painting for $700 that she had purchased for her living room.
Quantity of the theoretical yield for a reaction : 1.) How does the quantity of the theoretical yield for a reaction depend on the limiting reactant?
What the amount of net income shown on xyz december : What the amount of net income shown on XYZ's 12/31 income statement is? Financial statements of the XYZ Company at December 31
Quantity of the theoretical yield for a reaction : 1.) How does the quantity of the theoretical yield for a reaction depend on the limiting reactant?
Explain the thought process and applications to the industry : Why is the role of regulation in the insurance marketplace so prevalent? Please explain the thought process and applications to the industry.
How many silver atoms are in a cube : Silver metal has a density of 10.5 g/cm3. How many silver atoms are in a cube that measures 5.00cm on each side?
Find and journalize adjusting entry required at end of year : Find and Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is $3,830

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd