The Balances for the Accounts of Lance's Consulting Firm, Inc

question 171

Essay

The balances for the accounts of Lance's Consulting Firm, Inc. for the year ended December 31 are shown below. Each account shown had a normal balance.
Calculate Net Income.
$$\begin{array} { l r l r } \text { Accounts payable } & \$ 6,400 & \text { Wages expense } & \$ 35,000 \\\text { Accounts receivable } & 7,000 & \text { Rent expense } & 5,000 \\\text { Cash } & 10,000 & \text { Retained Earnings } & 68,700 \\\text { Office Supplies } & 1,000 & \text { Land } & 53,000 \\\text { Building } & 99,000 & \text { Unearned Revenue } & 7,000 \\\text { Supplies expense } & 15,000 & \text { Dividends } & 20,000 \\\text { Consulting Revenue } & 150,000 & \text { Common Stock } & 12,900\end{array}$$

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Definitions:

Social Constructionism

A school of thought that sees gender differences as a reflection of the different social positions occupied by women and men.

Continuum

A continuous sequence or range of values or elements that vary by slight degrees without sharp distinctions.

Societal Harm

Negative impacts on society or segments of it, caused by actions or policies that lead to inequality, injustice, or environmental damage.

Social Diversions

Activities or entertainments that are pursued for pleasure and tend to draw people away from more serious social issues or engagements.