Exercise 1-10 (Part Level Submission) Swifty Corporation is a private camping gr

Question

Exercise 1-10 (Part Level Submission) Swifty Corporation 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) $137,280 Sales revenue (from general store) 26,000 Accounts payable Cash Equipment $9,360 52,000 131,040 5,720 41,600 Retained earnings (1/1/2017) 5,200 Dividends Notes payable Expenses during 2017 11,440 8,840 Supplies 118,560 Common stock Determine Swifty Corporation's net income for 2017. Swifty Corporation's net income for 2017

Explanation / Answer

Workings:

Please note that I have assumed the Supplies as the Inventory.

Dear Student,

Best effort has been made to give quality and correct answer. But if you find any issues please comment your concern. I will definitely resolve your query.

Also please give your positive rating.

Net income $          32,240

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.