Below is the unadjusted trial balance of FOURCO. Using this information, answer the question. ...
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Accounting
Below is the unadjusted trial balance of FOURCO. Using this information, answer the question.
| Debit | Credit | |
| Cash | $18,300 | |
| Accounts receivable | 27,000 | |
| Prepaid rent | 5,000 | |
| Office supplies | 1,200 | |
| Equipment | 21,800 | |
| Accumulated depreciation | $6,000 | |
| Notes payable | 8,000 | |
| Accounts payable | 3,000 | |
| Unearned fees | 14,000 | |
| Capital stock | 18,000 | |
| Retained earnings | 16,000 | |
| Fees earned | 30,000 | |
| Salaries expense | 14,000 | |
| Utilities expense | 2,000 | |
| Insurance expense | 5,800 | |
| Totals | $96,000 | $96,000 |
27. After all of the adjusting entries are posted, what will be the amount of net income that FOURCO reports on its income statement?
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