The ABC Company recorded revenues during the year 2008 of $209,000. The Company had balances in the.

The ABC Company recorded revenues during the year 2008 of $209,000. The Company had balances in the following accounts:Rent Expense …… 48000Wages Payable …… 22000 Balance sheet ItemGain on Equipment Sale … 15000Operating Expense …. 85000Prepaid Rent ……. 18000 Balance sheet ItemWage Expense ……. 70000Unearned Revenue …. 11500 Balance sheet ItemRequired: Calculate the ABC Company Net Income (Net Loss) for 2008. Provide all supporting calculations.View Solution:
The ABC Company recorded revenues during the year 2008 of