A company had credit sales of $ 31 comma 000 and cash sales of $ 24...
A company had credit sales of $ 31 comma 000 and cash sales of $ 24 comma 000 during the month of May. Also during May, the company paid wages of $ 25 comma 000 and utilities of $ 11 comma 000. It also received payments from customers on account totaling $ 4 comma 400. What was the company's net income for the month?
Homework Answers
Net income for the month = $19,000
Working
| Income Statement | ||
| Revenues | $ 55,000.00 | |
| Less: Expenses | ||
| Wages expense | $ 25,000.00 | |
| Utilities expense | $ 11,000.00 | |
| Total expenses | $ 36,000.00 | |
| Net Income | $ 19,000.00 | |
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A company had credit sales of $ 31 comma 000 and cash sales of $
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