Using the data below, compute NET INCOME. Wages Expense 200 Cash 220...
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Accounting
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
Note: Unearned revenue is an obligation to deliver a service that has not yet been delivered but for which the customer has already paid. Prepaid Insurance Expense is the amount of insurance for which cash payment has already been made but which has not yet been used.
| $2,790 1,160 $1,310 $2,760 $1,040 |
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