Crystal, Inc.reported $52,000 of net income for 2016.Crystal's balance sheet at December 31, 2016 includes the following amounts: $$\begin{array} { l r l r }
\text { Wages payable } & \$ 1,000 & \text { Inventory } & \$ 26,000 \
\text { Prepaid rent } & 3,000 & \text { Land } & 40,000 \
\text { Cash } & 15,000 & \text { Accounts receivable } & 22,000 \
\text { Accounts payable } & 25,000 & \text { Capital stock } & 40,000 \
\text { Retained earnings } & 29,000 & \text { Income taxes payable } & 11,000
\end{array}$$

-Read the information about Huntington Corporation.
Required:
How much is net income for the year ended December 31, 2017? If Huntington Corporation had used a single-step statement, by how much would net income be different? Explain.

Question

Crystal, Inc.reported $52,000 of net income for 2016.Crystal's balance sheet at December 31, 2016 includes the following amounts: $$\begin{array} { l r l r } 
\text { Wages payable } & \$ 1,000 & \text { Inventory } & \$ 26,000 \
\text { Prepaid rent } & 3,000 & \text { Land } & 40,000 \
\text { Cash } & 15,000 & \text { Accounts receivable } & 22,000 \
\text { Accounts payable } & 25,000 & \text { Capital stock } & 40,000 \
\text { Retained earnings } & 29,000 & \text { Income taxes payable } & 11,000
\end{array}$$ ​
​
-Read the information about Huntington Corporation.
Required:
How much is net income for the year ended December 31, 2017? If Huntington Corporation had used a single-step statement, by how much would net income be different? Explain.

Quizplus · Accepted Answer

The Answer of Crystal, Inc.reported $52,000 of net income for 2016.Crystal's balance sheet at December 31, 2016 includes the following amounts: $$\begin{array} { l r l r } 
\text { Wages payable } & \$ 1,000 & \text { Inventory } & \$ 26,000 \
\text { Prepaid rent } & 3,000 & \text { Land } & 40,000 \
\text { Cash } & 15,000 & \text { Accounts receivable } & 22,000 \
\text { Accounts payable } & 25,000 & \text { Capital stock } & 40,000 \
\text { Retained earnings } & 29,000 & \text { Income taxes payable } & 11,000
\end{array}$$ ​
​
-Read the information about Huntington Corporation.
Required:
How much is net income for the year ended December 31, 2017? If Huntington Corporation had used a single-step statement, by how much would net income be different? Explain.

Crystal, Inc ​ ​ -Read the Information About Huntington Corporation

Crystal, Inc

-Read the Information About Huntington Corporation