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:

Vulnerability

The quality or state of being exposed to the possibility of being attacked or harmed, either physically or emotionally.

Life Change

A significant alteration in one's circumstances or situation, which may involve personal, social, or professional aspects.

Approach-Approach

A psychological conflict involving a choice between two positive or desirable options.

Competitor

An individual or entity that competes against others for the same objective or for superiority in the same field.