Calculate the companys reported net income for the period
Question # 00767460
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Updated on: 06/25/2020 11:32 AM Due on: 07/02/2020
Question
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
Common Stock 4,000
Retained Earnings 900
Service Revenue 7,000
Salaries Expense 500
Utilities Expense 1,000
Totals$16,900 $16,900.
Calculate the company's reported net income for the period.
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