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Net income (or loss) for the period

The accounting records of Rhonda's Rugs show the following balances at Dec 31

Cash $3,000 Notes payable $ 9,000
Equipment 21,000 Owners investment 15,000
Merchandise 5,000 Revenue from Catering 12,000
Owed to owners 4,000 Expenses 6,000

Total assets as of December 31 are ?
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2. Bills Baseball shop has the following account balances in its accounting system at year end

Baseball sales revenue $ 2,200
Salaries & wages expense 980
Rental Expense 640
Display Equipment 1,600
Insurance Expenses 340
Interest Revenue 80
Interest Expense 100

The net income (or loss) for the period is ?

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Accounting questions
The accounting records of Rhonda's Rugs show the following balances at Dec 31

Cash $3,000 Notes payable $ 9,000
Equipment 21,000 Owners investment 15,000
Merchandise 5,000 ...

Solution Summary

The solution assists in preparing net income (or loss) for the period. The revenues from catering are provided.

$2.19