Videohound Video Company, a sole proprietorship, had the following information for 2017: Instructions Calculate the net income
Question:
Videohound Video Company, a sole proprietorship, had the following information for 2017:
Instructions
Calculate the net income for 2017.
Transcribed Image Text:
Cash balance, January 1 $23,000 otal assets, December 31 19,000 Cash balance, December 31 $101,000 Accounts receivable, January Collections from customers 20,000 36,000 11,000 Accounts receivable, 200,000 December 31 Merchandise taken for personal during year Capital account balance, 38,000 75,000 olabilities, December 31 January 1 use 41,000 Total assets, January 1 Cash investment by sole proprietor, July 1 5,000
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Jan 1 2017 Dec 31 2017 Change Cash 23000 20000 3000 Accounts receivable 19000 36000 17000 O...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-1119048534
11th Canadian edition Volume 1
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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