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Social ScienceBorrowed $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
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
The first step is to compute the Total revenues during the year by analysing the transactions.
On analysing, it has been observed that only one transaction is related to service revenue earned of the amount of $ 102600.
The next step is to compute the Total expenses of the year by analysing the transaction.
On analysing the transaction, three transactions r...
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Accounting
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