Accounts receivable $6,000 accounts payable 7,000 salaries expense 6,000 repairs expense 900 truck 12,000 equipment 9,000 notes payable 24,000 cash 12,000 supplies expense 9,000 service revenue 24,000 gasoline expense 7,100 salaries payable 1,500 calculate the net income

net net income is $1000

Explanation:

given data

Accounts Receivable  = $6,000

Accounts Payable = 7,000

Salaries Expense = 6,000

Repairs Expense = 900

Truck = 12,000

Equipment = 9,000

Notes Payable = 24,000

Cash = 12,000

Supplies Expense = 9,000

Service Revenue = 24,000

Gasoline Expense = 7,100

Salaries Payable = 1,500

solution

we get here net income that is express as

net income = Total revenues and gains - Total Expenses   1

here Total revenues and gains is Service Revenue = 24,000 and

Total Expenses  = salaries expenses + repair expenses + supplies expenses + gasoline expenses

Total Expenses  = 6,000 + 900 + 9,000 + 7,100

Total Expenses  = 23000

so net income = Total revenues and gains - Total Expenses

net income = 24000 - 23000

so net net income is $1000

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