ACCT 256-Ayayai Video Company, a sole proprietorship
Question # 00392542
Posted By:
Updated on: 09/22/2016 03:11 AM Due on: 09/22/2016
Ayayai Video Company, a sole proprietorship, had the following information for 2017:
Calculate the net income for 2017.
| Cash balance, January 1 | $20,000 | Total assets, December 31 | $95,000 |
| Accounts receivable, January 1 | 16,000 | Cash balance, December 31 | 18,000 |
| Collections from customers during year | 190,000 | Accounts receivable, December 31 | 34,000 |
| Capital account balance, January 1 | 37,000 | Merchandise taken for personal use | 8,000 |
| Total assets, January 1 | 58,000 | Total liabilities, December 31 | 41,000 |
| Cash investment added by sole proprietor, July 1 | 3,000 |
Calculate the net income for 2017.
-
Rating:
/5
Solution: ACCT 256-Ayayai Video Company, a sole proprietorship