The Balances for the Accounts of Lance's Consulting Firm,Inc Calculate Net Income

question 1

Short Answer

The balances for the accounts of Lance's Consulting Firm,Inc.for the year ended December 31 are shown below.Each account shown had a normal balance.
$$\begin{array} { l r l r } \text { Accounts payable } & \$ 6,400 & \text { Wages expense } & \$ 35,000 \\\text { Accounts receivable } & 7,000 & \text { Rent expense } & 5,000 \\\text { Cash } & 10,000 & \text { Retained earnings } & 68,700 \\\text { Office supplies } & 1,000 & \text { Land } & 53,000 \\\text { Building } & 99,000 & \text { Unearned revenue } & 7,000 \\\text { Supplies expense } & 15,000 & \text { Dividends } & 20,000 \\\text { Consulting revenue } & 150,000 & \text { Common stock } & 12,900\end{array}$$
Calculate net income.

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Definitions:

Limbic System

A complex system of nerves and networks in the brain, involved in instinct and mood. It controls the basic emotions (fear, pleasure, anger) and drives (hunger, sex, dominance, care of offspring).

Dopamine

Dopamine is a neurotransmitter that plays a key role in the brain's reward system, influencing mood, motivation, and pleasurable sensations, along with various physical processes.

Serotonin

A neurotransmitter in the brain that plays a critical role in regulating mood, anxiety, and happiness.

Addiction

Compulsive drug craving and use, despite the negative consequences of using the drug.