Unformatted text preview: 89,000 Utilities expense 11,000 Accounts payable 12,500 Dividends 2,500 Notes payable 50,000 (a) Determine Winterbotham's net income for the year ending December 31, 20X5. (b) How much are total assets of the company, as of December 31, 20X5? (c) If you were told that assets included an accounts receivable of $5,000 for services provided during 20X5, and that such transactions had been excluded in calculating the given "revenue" amount, how would this influence your answer to part (a) above?...
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- Spring '11
- Accounting, Generally Accepted Accounting Principles, financial statement elements, Winterbotham Corporation