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Daniels Company reports the following year-end account balances at December 31, 2017. Accounts payable …………….. $20,000...

Daniels Company reports the following year-end account balances at December 31, 2017.

Accounts payable …………….. $20,000

Inventory …………………… $40,000

Accounts receivable ………….. $40,000

Land ………………………... $100,000

Bonds payable, long-term …… $250,000

Goodwill ……………………. $10,000

Buildings ……………………….. $160,000

Retained earnings ………… $115,000

Cash ……………………………. $50,000

Sales revenue ……………... $500,000

Common stock ………………… $100,000

Supplies inventory ………… $5,000

Cost of goods sold ……………. $200,000

Supplies expense …………. $20,000

Equipment ……………………... $80,000

Wages expense …………… $100,000

What is Daniels Company’s net income for 2017?

Question 6 options:

$375,000

$180,000

$380,000

$300,000
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Answer #1

calculate net income

Sales revenue 500000
Cost of goods sold -200000
Supplies expense -20000
Wages expense -100000
Net income 180000

So answer is b) $180000

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