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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:  Account  Debit  Credit  Cash $10,000 Accounts Receivable 2,000 Prepaid Insurance 2,400 Supplies 1,000 Accounts Payable $5,000 T. Happy. Capital 4,900 Service Revenue 7,000 Salaries Expense 500 Utilities Expense 1,000 Totals $16,900$16,900\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.

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Definitions:

Autonomic Nervous System

The part of the nervous system that controls involuntary actions in the body, such as heart rate, digestion, and respiratory rate, regulating the function of internal organs.

Parasympathetic Nervous System

The part of the autonomic nervous system that conserves energy by slowing the heart rate, increasing intestinal and gland activity, and relaxing sphincter muscles.

Sympathetic Nervous System

Part of the autonomic nervous system that prepares the body for quick action in emergencies; "fight or flight" response.

Corpus Callosum

The corpus callosum is a broad band of nerve fibers joining the two hemispheres of the brain.

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