These partially completed Income Statement columns from a 10-column work sheet are for Brown’s Bike Rental Company.
  

Account Title	Debit		Credit
Rent earned			138,000
Salaries expense	61,272
Insurance expense	8,694
Office supplies expense	20,286
Bike repair expense	4,278
Depreciation expense—Bikes	26,358

  
(1) Use the information to determine the amount that should be entered on the net income line of the work sheet.

(2)Prepare the company's closing entries. The owner, H. Brown, did not make any withdrawals this period.

Answer rating: 100% (QA)

1 To determine the net income we need to calculate the total revenue and total expenses from the par... View the full answer