The following financial information belongs to Al Ain Company on December 31, 2020: Accounts Accounts AI...

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The following financial information belongs to Al Ain Company on December 31, 2020: Accounts Accounts AI Ain, Capital Supplies Salaries expense $2,000,000 Equipment 1,200,000 Revenues $3,200,000 10,000,000 2,000,000 Rent expense 1,600,000 Advertising expense Accounts payable Accounts receivable 400,000 Cash 6,000,000 AI Ain, Drawings 1,200,000 Utilities expense 4,400,000 400,000 400,000 Required: Use the above information to calculate the net income, ending capital, and total assets of Al Ain Company for the year ended 31 December 2020. Paragraph - B I II The following financial information belongs to Al Ain Company on December 31, 2020: Accounts Accounts AI Ain, Capital Supplies Salaries expense $2,000,000 Equipment 1,200,000 Revenues $3,200,000 10,000,000 2,000,000 Rent expense 1,600,000 Advertising expense Accounts payable Accounts receivable 400,000 Cash 6,000,000 AI Ain, Drawings 1,200,000 Utilities expense 4,400,000 400,000 400,000 Required: Use the above information to calculate the net income, ending capital, and total assets of Al Ain Company for the year ended 31 December 2020. Paragraph - B I II

Answer rating: 100% (QA)

Calalateon of Net Income Income Re verue Revenue 10000000 1600000 Utilities ex... View the full answer