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    Net income (or loss) for the period

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    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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    Solution Preview

    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