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

Transcribed Image Text:

The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash $ 4,400 Accounts receivable Dividends Land Accounts payable 2,200 Common stock 2,500 Revenue 1,300 Expense What is net income that will be shown on Carolina's Year 1 income statement? Multiple Choice $2,500 $900 $1,100 $1,400 $ 1,700 2,675 2,500 1,400 The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: Cash $ 4,400 Accounts receivable Dividends Land Accounts payable 2,200 Common stock 2,500 Revenue 1,300 Expense What is net income that will be shown on Carolina's Year 1 income statement? Multiple Choice $2,500 $900 $1,100 $1,400 $ 1,700 2,675 2,500 1,400

Answer rating: 100% (QA)

The detailed answer for the above question is provided below ... View the full answer