The Balances for the Accounts of Lance's Consulting Firm, Inc

Essay

The balances for the accounts of Lance's Consulting Firm, Inc. for the year ended December 31 are shown below. Each account shown had a normal balance.
Calculate Net Income.
$$\begin{array} { l r l r } \text { Accounts payable } & \$ 6,400 & \text { Wages expense } & \$ 35,000 \\\text { Accounts receivable } & 7,000 & \text { Rent expense } & 5,000 \\\text { Cash } & 10,000 & \text { Retained Earnings } & 68,700 \\\text { Office Supplies } & 1,000 & \text { Land } & 53,000 \\\text { Building } & 99,000 & \text { Unearned Revenue } & 7,000 \\\text { Supplies expense } & 15,000 & \text { Dividends } & 20,000 \\\text { Consulting Revenue } & 150,000 & \text { Common Stock } & 12,900\end{array}$$