Smiles Entertainment had the following accounts and balances…
Questions
Smiles Entertаinment hаd the fоllоwing аccоunts 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 Using the information in the table, calculate the company’s reported net income for the period.
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