Accounts Payable Accounts Receivable Building Cash Equipment Fees Earned Land Owner—Drawing Owner—Equity Rent Revenue Supplies Utilities...

Accounts Payable
Accounts Receivable
Building
Cash
Equipment
Fees Earned
Land
Owner—Drawing
Owner—Equity
Rent Revenue
Supplies
Utilities Expense
Wages Expense

If the total of each ACCOUNT is $5,000 what will be the NET INCOME ?

Expert Solution

Net income = Total revenues - Total expenses

= (Fees earned 5,000 + Rent revenue 5,000) - (Utilities expense 5,000 + Wages expense 5,000)

= 10,000 - 10,000

= $0

ekkarill92 answered 2 years ago

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