Borrowed $125,000 from a bank, signing a short-term note payable.Provided $102,600 in service to customers, with $97,400 on account and the rest received in cash.Purchased equipment for $175,000 in cash.Incurred and paid employee wages of $2,250.Received $745 on account from a customer.Incurred and paid $4,200 cash for travel costs during the year.Paid $8,000 cash on accounts payable.Incurred $22,500 in utility expenses during the year, of which $16,900 was paid in cash and the rest owed on account.Need help finding preliminary net income

Question

Borrowed $125,000 from a bank, signing a short-term note payable.
Provided $102,600 in service to customers, with $97,400 on account and the rest received in cash.
Purchased equipment for $175,000 in cash.
Incurred and paid employee wages of $2,250.
Received $745 on account from a customer.
Incurred and paid $4,200 cash for travel costs during the year.
Paid $8,000 cash on accounts payable.
Incurred $22,500 in utility expenses during the year, of which $16,900 was paid in cash and the rest owed on account.

Need help finding preliminary net income

Expert Answer

Want to see the step-by-step answer?

See Answer

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Answer
*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A

Q: Patents are asset, liability, quity, revenue or expense?

A: Assets: These are the resources owned and controlled by business as a result of a past transaction o...

Q: Stratus Inc. purchased equipment for $18,500 and received an invoice with terms 4/10, 3/30, n/45. If...

A: Stratus Incorporation purchased equipment and it had terms 4/10, 3/30, n/45. In this case, the compa...

Q: Kyle and Liza are married and under 65 years of age. During 2018, they furnish more than half of the...

A: Dependency exemption: The deduction allowed for the care and maintenance of qualifying dependent is ...

Q: CVP Analysis; Commissions; Ethics Lionel Corporation manufactures pharmaceutical products sold throu...

A: Note: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit t...

Q: Most Company has an opportunity to invest in one of two new projects. Project Y requires a $320,000 ...

A: We can calculate the net present value as follows : 

Q: I'm having trouble finding the value for the inventory balance as of january 31st for the cost of fi...

A: Finished goods inventory are completely ready for sale after completing the manufacturing process.

Q: Cost classifications For each of the following costs, check the column(s) that most likely applies (...

A: Fixed cost: A fixed cost is a cost incurred by a company that remains fixed irrespective of the volu...

Q: They are going to start a manufacturing company and need help deciding what entity type to choose to...

A: The different types of business entities prevent in an economy are(a)    Sole Proprietorship(b)    P...

Q: Northwood Company manufactures basketballs. The company has a ball that sells for $35. At present, t...

A: 1.a. Compute the last year's CM ratio.