Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. the following pre-closing accounts and balances we

The following pre-closing accounts and balances were drawn from the records of Carolina Company on...

90.2K

Verified Solution

Question

Finance

imageThe following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash $ 3,800 Accounts receivable $ 1,550 Dividends 1,900 Common stock 2,375 Land 2,200 Revenue 2,200 Accounts payable 1,150 Expense 1,250 What is net income that will be shown on Carolina's Year 1 income statement?

The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash Dividends Land Accounts payable $ 3,800 Accounts receivable 1,900 Common stock 2,200 Revenue 1,150 Expense $ 1,550 2,375 2,200 1,250 What is net income that will be shown on Carolina's Year 1 income statement? Multiple Choice $950 o o $2,200 $750 O O $1,250

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students