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Q1) For the four cases given, compute net income (or net loss). Caution: Not all of the items listed should be included in the computation of net income.

   Case A  Case B  Case C  Case D 
Cost of goods sold  $60,000 $30,000 $60,000 $110,000
Interest expense  $18,000 $47,000 $25,000 $31,000
Cash  $3,000 $4,500 $2,100 $6,000
Retained earnings  $50,000 $15,000 $31,000 $70,000
Sales  $100,000 $150,000 $70,000 $200,000
Accounts payable  $12,000 $20,000 $5,000 $38,000
Rent revenue  $5,000 $1,000 $12,000 $10,000
Machinery  $175,000 $60,000 $50,000 $185,000

Accounting Basics, Accounting

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  • Reference No.:- M921869

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