Homework Answers
| Calculation of net income | |||||||||
| Sales Revenue | $ 3,30,000 | ||||||||
| Less: | |||||||||
| Expenses | $ 1,55,000 | ||||||||
| Net Income | $ 1,75,000 | ||||||||
| Correct Option :D | |||||||||
| Note: Dividend declaration and paid shall not be deducted while calculating net income because | |||||||||
| it is not an expense, it is just appropriation of the profit. | |||||||||
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Question Help During the year, FastClean Corporation has $330,000 in revenues, S155,000 in expenses, and $6,000...
Question Help During the year, FastClean Corporation has $330,000 in revenues, $155,000 in expenses, and $6,000...
Question Help During the year, FastClean Corporation has $330,000 in revenues, $155,000 in expenses, and $6,000 in dividend declarations and payments. Not income for the year was O A. $181,000 OB. $161,000 OC. $330,000 OD. $175,000
During its first year, a corporation earned revenues of $135,000 and incurred expenses of $87,000. The...
During its first year, a corporation earned revenues of $135,000 and incurred expenses of $87,000. The corporation also paid cash dividends of $10,000 and purchased $25,000 of equipment in exchange for cash during the first year. What is the balance in the company's retained earnings account at the end of its first year? O A debit balance of $33,000. O A credit balance of $23,000 O A debit balance of $38,000 O A credit balance of $33,000 O A credit...
During the year, the Nadine Corporation reported revenues of $20,000, expenses of $14,000, and dividends of...
During the year, the Nadine Corporation reported revenues of $20,000, expenses of $14,000, and dividends of $1,000. At the end of the year, the Corporation reported assets of $97,000, liabilities of $34,000, and contributed capital (common stock + additional paid-in capital) of $21,000. Determine the dollar amount of the Corporation's retained earnings at the end of the year a. $42,000 b. $63,000 c. $26,000 d. $5,000 QUESTION 30 The Sean Corporation's July 31 unadjusted trial balance included many accounts, including...
Revenues for the year totaled $162,000 and expenses totaled $174.000. The stockholders purchased $15,000 of common...
Revenues for the year totaled $162,000 and expenses totaled $174.000. The stockholders purchased $15,000 of common stock and were paid $6,000 in dividends during the year. What was the net income or net loss for the year? $12.000 net income $6,000 net loss $18,000 net loss $12.000 net loss
During the year, Sand, Inc. had $120,000 in revenues, $48,000 in expenses, and paid $3,600 in...
During the year, Sand, Inc. had $120,000 in revenues, $48,000 in expenses, and paid $3,600 in dividends. Net income equals: Multiple Choice $72,000. $75,600 O $120,000 O O $68,400
What are the incremental revenues, expenses, and net income for each year for Model A and...
What are the incremental revenues, expenses, and net income for
each year for Model A and Model B? Te=15%. Time period is across 10
years...
please answer #4 and #5
Oxford Manufacturing company needs to invest in a new air compressor. They have narrowed the choice to two alternatives, A and B. the following financial data has been collected: Model A Model B Investment Cost $25,000 $35,000 Annual Incremental Revenues $18,700 $16,500 Annual O&M Costs $5,600 $3,500 Salvage Value $4,000...
Return to question income statement items correspond to revenues or expenses during the year ending in...
Return to question income statement items correspond to revenues or expenses during the year ending in either 2015 or 2016. All values are in thousands of dollars. 01.Alab rein Revenue Cost of goods sold Depreciation Inventories $4,000 $4,100 1,600 1,700 520 350 550 150 420 350 450 5,000 5,800 2,000 2,400 600 410 300 500 300 500 150 400 300 400 dainistrai expenses Interest expense Federal and state taxes* Accounts payable Accounts receivable Net fixed assets Long-term debt Notes payable...
4. A corporation has revenues of $220,000 and expenses of $190,000 in 2019. The corporation also...
4. A corporation has revenues of $220,000 and expenses of $190,000 in 2019. The corporation also declares and pays cash dividends of $25,000 in 2019. Calculate the net income for 2019 5. A business has a balance in the Supplies account of $900 on 3/1/20. On 3/5/20 the business purchases additional office supplies on account for $2,000. On 3/10/20 the business pays $1,000 for the office supplies they purchased on 3/5/20. The balance in the Supplies account should be $2,100...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $19,200 of its sales and still owes $25,300 on $80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,000 in salaries. Owners invested $20,000 in the business and $20,000 was borrowed on a five-year note. The company paid $3,700 in interest that was the amount owed for the year, and...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $19,200 of its sales and still owes $25,300 on $80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,000 in salaries. Owners invested $20,000 in the business and $20,000 was borrowed on a five-year note. The company paid $3,700 in interest that was the amount owed for the year, and...
Question Help During the year, FastClean Corporation has $330,000 in revenues, $155,000 in expenses, and $6,000 in dividend declarations and payments. Not income for the year was O A. $181,000 OB. $161,000 OC. $330,000 OD. $175,000
During its first year, a corporation earned revenues of $135,000 and incurred expenses of $87,000. The corporation also paid cash dividends of $10,000 and purchased $25,000 of equipment in exchange for cash during the first year. What is the balance in the company's retained earnings account at the end of its first year? O A debit balance of $33,000. O A credit balance of $23,000 O A debit balance of $38,000 O A credit balance of $33,000 O A credit...
During the year, the Nadine Corporation reported revenues of $20,000, expenses of $14,000, and dividends of $1,000. At the end of the year, the Corporation reported assets of $97,000, liabilities of $34,000, and contributed capital (common stock + additional paid-in capital) of $21,000. Determine the dollar amount of the Corporation's retained earnings at the end of the year a. $42,000 b. $63,000 c. $26,000 d. $5,000 QUESTION 30 The Sean Corporation's July 31 unadjusted trial balance included many accounts, including...
Revenues for the year totaled $162,000 and expenses totaled $174.000. The stockholders purchased $15,000 of common stock and were paid $6,000 in dividends during the year. What was the net income or net loss for the year? $12.000 net income $6,000 net loss $18,000 net loss $12.000 net loss
During the year, Sand, Inc. had $120,000 in revenues, $48,000 in expenses, and paid $3,600 in dividends. Net income equals: Multiple Choice $72,000. $75,600 O $120,000 O O $68,400
What are the incremental revenues, expenses, and net income for
each year for Model A and Model B? Te=15%. Time period is across 10
years...
please answer #4 and #5
Oxford Manufacturing company needs to invest in a new air compressor. They have narrowed the choice to two alternatives, A and B. the following financial data has been collected: Model A Model B Investment Cost $25,000 $35,000 Annual Incremental Revenues $18,700 $16,500 Annual O&M Costs $5,600 $3,500 Salvage Value $4,000...
Return to question income statement items correspond to revenues or expenses during the year ending in either 2015 or 2016. All values are in thousands of dollars. 01.Alab rein Revenue Cost of goods sold Depreciation Inventories $4,000 $4,100 1,600 1,700 520 350 550 150 420 350 450 5,000 5,800 2,000 2,400 600 410 300 500 300 500 150 400 300 400 dainistrai expenses Interest expense Federal and state taxes* Accounts payable Accounts receivable Net fixed assets Long-term debt Notes payable...
4. A corporation has revenues of $220,000 and expenses of $190,000 in 2019. The corporation also declares and pays cash dividends of $25,000 in 2019. Calculate the net income for 2019 5. A business has a balance in the Supplies account of $900 on 3/1/20. On 3/5/20 the business purchases additional office supplies on account for $2,000. On 3/10/20 the business pays $1,000 for the office supplies they purchased on 3/5/20. The balance in the Supplies account should be $2,100...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $19,200 of its sales and still owes $25,300 on $80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,000 in salaries. Owners invested $20,000 in the business and $20,000 was borrowed on a five-year note. The company paid $3,700 in interest that was the amount owed for the year, and...
Alpaca Corporation had revenues of $290,000 in its first year of operations. The company has not collected on $19,200 of its sales and still owes $25,300 on $80,000 of merchandise it purchased. The company had no inventory on hand at the end of the year. The company paid $12,000 in salaries. Owners invested $20,000 in the business and $20,000 was borrowed on a five-year note. The company paid $3,700 in interest that was the amount owed for the year, and...
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