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20 August, 20:07

Accounts Receivable $6,000 Accounts Payable 7,000 Salaries Expense 6,000 Repairs Expense 900 Truck 12,000 Equipment 9,000 Notes Payable 24,000 Cash 12,000 Supplies Expense 9,000 Service Revenue 24,000 Gasoline Expense 7,100 Salaries Payable 1,500 Calculate the net income

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  1. 20 August, 20:27
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    net net income is $1000

    Explanation:

    given data

    Accounts Receivable = $6,000

    Accounts Payable = 7,000

    Salaries Expense = 6,000

    Repairs Expense = 900

    Truck = 12,000

    Equipment = 9,000

    Notes Payable = 24,000

    Cash = 12,000

    Supplies Expense = 9,000

    Service Revenue = 24,000

    Gasoline Expense = 7,100

    Salaries Payable = 1,500

    solution

    we get here net income that is express as

    net income = Total revenues and gains - Total Expenses ... 1

    here Total revenues and gains is Service Revenue = 24,000 and

    Total Expenses = salaries expenses + repair expenses + supplies expenses + gasoline expenses

    Total Expenses = 6,000 + 900 + 9,000 + 7,100

    Total Expenses = 23000

    so net income = Total revenues and gains - Total Expenses

    net income = 24000 - 23000

    so net net income is $1000
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