ACC 310F Lecture Notes - Lecture 7: Retained Earnings, General Ledger, Trial Balance
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Smiles entertainment had the following accounts and balances at December 31:
Account | Debit | Credit |
---|---|---|
Cash | $10,300 | |
Accounts Receivable | 2,060 | |
Prepaid Insurance | 2,520 | |
Supplies | 1,060 | |
Accounts Payable | $5,150 | |
Common Stock | 4,150 | |
Retained Earnings | 930 | |
Service Revenue | 7,300 | |
Salaries Expense | 530 | |
Utility Expense | 1,060 | |
Totals | $17,530 | $17,530 |
Using the information in the table, calculate the company's reported net income for the period.