Using the data below, compute NET INCOME. Wages Expense 200 Cash 220 Income Tax

Question

Using the data below, compute NET INCOME.

Wages Expense                                                                             200

Cash                                                                                                220

Income Tax Expense                                                                  240

Prepaid Insurance Expense                                                        120

Interest Expense                                                                           300

Interest Revenue                                                                          500

Unearned Rent Revenue                                                             150

Accounts Payable                                                                        600

Inventory                                                                                       800

Cost of Goods Sold                                                                   1,600

Sales Revenue                                                                           3,000

  $2,790

  $1,310

  $2,760

  $1,190

  $1,160

  $1,040

  $2,790

  $1,310

  $2,760

  $1,190

  $1,160

  $1,040

Explanation / Answer

Sales Revenue                                                                           3,000

Add- Interest Revenue 500

Less-

Cost of Goods Sold 1,600

Wages Expense 200

Income Tax Expense 240

Prepaid Insurance Expense 120

Interest Expense 300

Net income 1040

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