The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: $$\begin{array} { l lll}
\text { Cash } & \$ 2,200& \text { Accounts receivable } & \$1,150\
\text { Dividends} &1,100& \text { common stock } & 1,575 \
\text { Land } & 1,400 &\text { Revenue } &1,400 \
\text { Accounts payable } & 750 &\text { Expense } & 850
\end{array}$$

What is net income that will be shown on Carolina's Year 1 income statement?
A) $1,400
B) $850
C) $350
D) $550

Question

The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: $$\begin{array} { l lll} 
\text { Cash } & \$ 2,200& \text { Accounts receivable } & \$1,150\
\text { Dividends} &1,100& \text { common stock } & 1,575 \
\text { Land } & 1,400 &\text { Revenue } &1,400 \
\text { Accounts payable } & 750 &\text { Expense } & 850
\end{array}$$

What is net income that will be shown on Carolina's Year 1 income statement?
A) $1,400
B) $850
C) $350
D) $550

Quizplus · Accepted Answer

The Answer of The following pre-closing accounts and balances were drawn from the records of Carolina Company on December 31, Year 1: $$\begin{array} { l lll} 
\text { Cash } & \$ 2,200& \text { Accounts receivable } & \$1,150\
\text { Dividends} &1,100& \text { common stock } & 1,575 \
\text { Land } & 1,400 &\text { Revenue } &1,400 \
\text { Accounts payable } & 750 &\text { Expense } & 850
\end{array}$$

What is net income that will be shown on Carolina's Year 1 income statement?
A) $1,400
B) $850
C) $350
D) $550

The Following Pre-Closing Accounts and Balances Were Drawn from the Records