Smiles Entertainment Had the Following Accounts and Balances at December

question 218

Multiple Choice

Smiles Entertainment had the following accounts and balances at December 31: $$\begin{array} { | l | r | r | } \hline { \text { Account } } & { \text { Debit } } & { \text { Credit } } \\\hline \text { Cash } & \$ 10,000 & \\\hline \text { Accounts Receivable } & 2,000 & \\& & \\\hline \text { Prepaid Insurance } & 2,400 & \\\hline \text { Supplies } & 1,000 & \\\hline \text { Accounts Payable } & & \$ 5,000 \\\hline \text { T. Happy. Capital } & & 4,900 \\\hline \text { Service Revenue } & & 7,000 \\\hline \text { Salaries Expense } & 500 & \\\hline \text { Utilities Expense } & 1,000 & \\\hline { \text { Totals } } & \underline { \underline { \$ 16,900 } } & \underline { \underline { \$ 16,900 } } \\\hline\end{array}$$ Using the information in the table, calculate the company's reported net income for the period.

• A) $8,500
• B) $4,000.
• C) $1,100.
• D) $5,500.
• E) $10,400.

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Definitions:

Anniversary Date

The date marking the recurrence of a significant event or the inception of something important, such as a relationship, employment, or agreement.

Resilience

The capacity to recover quickly from difficulties; it's a person's ability to bounce back from stress, challenges, or adversity.

Stress Management

Techniques and strategies aimed at controlling a person's levels of stress, for the purpose of improving everyday functioning.

Demonstrates Resilience

Exhibiting the ability to recover quickly from difficulties; showing toughness.