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Smiles Entertainment Had the Following Accounts and Balances at December

question 125

Multiple Choice

Smiles Entertainment had the following accounts and balances at December 31:  Account Cash Accounts Receivable Prepaid InsuranceSupplies.Accounts PayableCommon StockService RevenueSalaries ExpenseUtilities Expense Totals  Debit  Credit $10,0002,0002,4001,000$5,0004,9007,0005001,000$16,900$16,900\begin{array}{c}\begin{array}{|l|} \hline \text { Account}\\ \hline \text { Cash}\\ \hline \text { Accounts Receivable}\\ \hline \text { Prepaid Insurance}\\ \hline \text {Supplies.}\\ \hline \text {Accounts Payable}\\ \hline \text {Common Stock}\\ \hline \text {Service Revenue}\\\hline \text {Salaries Expense}\\ \hline \text {Utilities Expense}\\ \hline\text { Totals }\\\hline \end{array}\begin{array}{r|r|}\hline \text { Debit } & \text { Credit } \\\hline \$ 10,000 & \\\hline 2,000 & \\\hline 2,400 & \\\hline 1,000 & \\\hline & \$ 5,000 \\\hline & 4,900 \\\hline & 7,000 \\\hline 500 & \\\hline 1,000 & \\\hline \underline{\$ 16,900} & \underline{\$ 16,900} \\\hline \end{array}\end{array}


Using the information in the table, calculate the company's reported net income for the period.

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Definitions:

Institution

An established organization or foundation, often societal or public, created for a particular purpose, such as education, government, or religion.

Morality

The principles concerning the distinction between right and wrong or good and bad behavior.

Similar Associations

Groups or organizations that share common goals, interests, or characteristics.

Institutions

Organizations or complexes of norms and behaviors that are recognized and accepted in society to fulfill collective functions.

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