The account balances for a company are listed below. All balances are as of December...
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Accounting
The account balances for a company are listed below. All balances are as of December 31, 2021, except where noted otherwise.
| Accounts Payable | $7,200 | Rent Expense | $3,000 |
| Accounts Receivable | 8,400 | Equipment | 74,500 |
| Wages Payable | 3,400 | Furniture | 16,600 |
| Prepaid Expenses | 500 | Notes Payable (due 12/31/23) | 40,900 |
| Dividends | 2,000 | Accumulated Depreciation | 8,000 |
| Sales Revenue | 99,850 | Cash | 14,000 |
| Notes Payable (due 4/30/22) | 1,000 | Common Stock | 20,000 |
| Cost of Goods Sold | 48,800 | Goodwill | 10,000 |
| Loss on Sale of Equipment | 5,500 | Retained Earnings (1/1/21) | 16,150 |
| Inventory | 9,500 | Marketable Equity Securities | 300 |
| Advertising Expense | 2,500 | Depreciation Expense | 1,100 |
| Insurance Expense | 2,000 | Unearned Revenue | 2,200 |
Determine Income from Operations for 2021:
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