Crystal, Inc ​
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-Read the Information About Huntington Corporation

question 60

Essay

Crystal, Inc.reported $52,000 of net income for 2016.Crystal's balance sheet at December 31, 2016 includes the following amounts: $$\begin{array} { l r l r } \text { Wages payable } & \$ 1,000 & \text { Inventory } & \$ 26,000 \\\text { Prepaid rent } & 3,000 & \text { Land } & 40,000 \\\text { Cash } & 15,000 & \text { Accounts receivable } & 22,000 \\\text { Accounts payable } & 25,000 & \text { Capital stock } & 40,000 \\\text { Retained earnings } & 29,000 & \text { Income taxes payable } & 11,000\end{array}$$ ​
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-Read the information about Huntington Corporation.
Required:
How much is net income for the year ended December 31, 2017? If Huntington Corporation had used a single-step statement, by how much would net income be different? Explain.

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Definitions:

Resistance

A measure of the opposition to the flow of electric current, expressed in ohms (Ω).

Electromotive Force

A difference in potential that drives electric current from one point to another, measured in volts.

Voltage

The electrical potential difference between two points in a circuit, driving the flow of current.

Horsepower

A measure of power for electric and mechanical devices.