Below is the balance sheet for Southern Comfort Company for December 31 of 2019 and 2020....

 

 

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Below is the balance sheet for Southern Comfort Company for December 31 of 2019 and 2020. 2019 2020 2019 2020 Cash 1,800 2050 Accounts receivable 5,400 6,150 Accounts payable Current liabilities 5,400 6,150 5,400 6,150 Inventory 5,400 6,150 Long-term debt 10,800 12,300 Current assets 12,600 14,350 Total liabilities 16,200 18,450 Net fixed assets 23,400 26,650 Equity 19,800 22,550 Total assets 36,000 41,000 Total liab. & equity 36,000 41,000 A partial income statement for 2020 is also given: Amount Sales 98,400 Operating costs except dep. 54,120 Depreciation 14,760 Interest 9,840 Taxes (34%) What was net income in 2020? Below is the balance sheet for Southern Comfort Company for December 31 of 2019 and 2020. 2019 2020 2019 2020 Cash 1,800 2050 Accounts receivable 5,400 6,150 Accounts payable Current liabilities 5,400 6,150 5,400 6,150 Inventory 5,400 6,150 Long-term debt 10,800 12,300 Current assets 12,600 14,350 Total liabilities 16,200 18,450 Net fixed assets 23,400 26,650 Equity 19,800 22,550 Total assets 36,000 41,000 Total liab. & equity 36,000 41,000 A partial income statement for 2020 is also given: Amount Sales 98,400 Operating costs except dep. 54,120 Depreciation 14,760 Interest 9,840 Taxes (34%) What was net income in 2020?

Answer rating: 100% (QA)

To calculate the net income for 2020 we need to subtract all the ... View the full answer