Marigold Corp. is a private camping ground near the Mount Miguel Recreation Area

Question

Marigold Corp. is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2017 Service revenue (from camping fees) Sales revenue (from general store) Accounts payable Cash Equipment $139,920 Dividends $9,540 53,000 11,660 Expenses during 2017 133,560 5,830 42,400 5,300 26,500 Notes payable 9,010 Supplies 20,840 Common stock Retained earnings (1/1/2017) Determine Marigold Corp's net income for 2017. Marigold Corp:'s net income for 2017

Explanation / Answer

Marigold corp net income for 2017               32,860.00 Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Amount Service revenue             139,920.00 Add Sales revenue               26,500.00 Expenses          (133,560.00) Net Income = 139,920+ 26500 - 133,560               32,860.00 Dividends are appropriation of profit thus ignored Remaining items are Balance sheet items thus ignored. i.e. neither expense nor income

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