August Corporation reports the following account balances for 20XX: Accounts payable $ 15,200 Miscellaneous expense 850 Accounts receivable 185,000 Rent expense 14,600 Capital stock 200,000 Retained earnings, 1-01 432,000 Cash 76,950 Sales 585,000 Cost of sale 326,000 Supplies 12,400 Dividends 2,000 Supplies expense 8,100 Equipment 275,000 Wages expense 84,500 Land 250,000 Wages payable 3,200 

What is August's net income for the year? 

What are August's total assets at the end of the year?  

Answer rating: 100% (QA)

Heres the breakdown to calculate August Corporations net income and total assets for 20XX Net In... View the full answer