During the year, Proffitts, Inc., had revenue of $83,000 and expenses of $26,000. During the year, it collected $10,000 from its customers and paid $3,000 of its expenses and $20,000 of dividends to its owners. Net income for the year equals

Q: Oriole Company began the year with owner's equity of $301000. During the year, the company recorded…

A: GIVEN    Beginning stockholder's Equity=$301,000 Revenues  = $386,000 Expense  =$289,000  Dividends…

Q: The beginning net assets of a single proprietorship was P150,000. At the end of the year, the single…

A: In order to determine the Ending capital balance of the business organization, the net income is…

Q: The balance of retained earnings of Dragon Corporation at the beginning of the year was P650,000.…

A: The retained earnings are the net income of the business to be available for shareholders.

Q: The following information is available from Sand Corp's accounting records for the year ended…

A: The cash flow from operations include all cash outflows and inflows that concern the operations of…

Q: At the beginning of the year, the owner’s capital of SLG Company is $300,000 while its liabilities…

A: Let's understand some basics  Assets is anything that can be converted into the cash and assets are…

Q: How much Net Income did the company earn during the year

A: The income generated by a business in the course of normal operations, after deducting the direct…

Q: Vetty Company began the year with owner's equity of $105,000. During the year, Wetty rece additional…

A: Revenue means the total sale value of goods of the company during the specified period. Profit means…

Q: Builtrite had sales of $900,000 and COGS of $280,000. In addition, operating expenses were…

A: Formula: Taxable income = EBIT + Dividends + Net capital loss Sum of both EBIT , Dividends income…

Q: Rosalind Company reported revenues of $111,500, expenses of $92,545, and net income of $18,955 for…

A: Return on assets = Net income / Average Total assets where, Average Total assets = (Beginning Total…

Q: During its first year of operations, Yellow Bell Co. provided services to customers for the value of…

A: Under accrual bases of accounting we need to recognize the income and expenses when they actually…

Q: Jones Company had net income of $10,000 for the year. Beginning total assets were $150,000 and…

A: Lets understand the basics. Return on asset is a ratio which indicates that how much profitability…

Q: Wexler, Inc.’s income statement showed total expenses for the year to be $50,000. If the com-pany’s…

A: Net income: It refers to the excess of a company's sales revenue over its operating expenses and…

Q: Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as…

A: Accrual net income will be calculated by accrual of net income minus accrual of total expesne.

Q: During the current year, The Jupiter Company, which is an S corporation, had the following items of…

A: Net Ordinary income is computed as follows: ​​Gross income from operations = 150,000 ​Less Operating…

Q: Hargreeves Company reported revenues for P273,500 and expenses for P263,800. The owner withdrew…

A: Income statement shows the net income earned by the company for the year. Drawings is the amount…

Q: For the past year, Momsen, Ltd., had sales of $46,577, interest expense of $3,932, cost of goods…

A: “Statement of Profit & Loss” is a financial tool which shows profitability of business. It shows…

Q: n its most recent financial statements, Del-Castillo Inc. reported $65 million of net income and…

A: Here, we need to find the amount of dividend paid to shareholders.  The formula to calculate the…

Q: During the year, the Senbet Discount Tire Company had gross sales of $1.24 million. The company’s…

A: The term net income refers to the revenue or income left with the company after deducting all the…

Q: Staycate Travels Inc. reports a gross profit of $35,000, interest expense of $4,000, a tax rate of…

A: Depreciation refers to the method through which the costs of the assets is being allocated over the…

Q: Loweman's Car Repair Shop started the year with total assets of $30,000, total liabilities of…

A: Net income is an excess of revenue over expenditure.

Q: Fat Crane's Service Shop started the year with total assets of $324000 and total liabilities of…

A: Revenue = $639000 Expenses = $431000

Q: During the year, A Salt & Buttery, Inc., had revenue of $88,000 of which $6,000 was collected from…

A: Income statement:   It is a financial statement prepared by a company that reports revenues and…

Q: On January 1, Payson Inc. had a retained earnings balance of $20,000. During the year, Payson…

A: Ending Retained earnings balance = Beginning Retained earnings balance + Net Income - Dividend paid

Q: The profit made by a business in 20X7 was $35,400. The proprietor injected new capital of $10,200…

A: We have the following information: Profit: $35,400 New Capital: $10,200 Drawings: $500 per month…

Q: The net income of Edwards Corporation amounted to​ $65,000 for this year. The beginning balance of​…

A: Equity can be define as the portion of amount which belongs to the shareholders or owners of the…

Q: At January 1, year 1, a sole proprietorship's assets totaled 210,000, and its liabilities amounted…

A: Assets refers to what a company owes while liabilities is the amount which it owed to others. Assets…

Q: At the beginning of the year, the assets of Tubo Services were P720,000 and it’s owner’s equity was…

A: Stockholders’ equity: It refers to the residual amount of assets that are available to the company’s…

Q: Pratt Corp. started the Year 2 accounting period with total assets of $30,000 cash, $12,000 of…

A: Calculation of Revenue earned during the year Increase in balance of Retained earnings = Revenue…

Q: For the past year, Momsen, Ltd., had sales of $44,042, interest expense of $2,918, cost of goods…

A: Sales of $44,042 Interest Expense is $2,918 Selling and admin. Expense is $10,626 Depriciation isn…

Q: The following is a summary of the transactions for the year: a. Sales of services, $100,000, of…

A: A journal entry is prepared by the company to record the non-economic & economic transactions of…

Q: Henry Company had sales revenue of USD1,200,000, gross profit of USD749,000, operating expenses of…

A: Income tax expense refers to the expense amount which company records in the accounting period for…

Q: In its first year of operations, Patricia Corp. earned $48,100 in service revenue. Of that amount,…

A: Cash basis of accounting : Under cash basis all those transaction are considered for which cash is…

Q: Pratt Corp. started the Year 2 accounting period with total assets of $30,000 cash, $12,000 of…

A: Income statement: The income statement shows the company's revenues and expenses earned during the…

Q: Last year, an investor in rental property had gross income of $160,000 with the following expenses:…

A: Net operating income: It can be defined as the excess of sales revenue over the costs incurred by…

Q: During its first year of operations, Yellow Bell Co. provided services to customers for the value of…

A: There are two types of accounting system followed by the organization which are (I) Cash basis and…

Q: Chou Company has a net income of $52,000, assets at the beginning of the year are $259,000 and…

A: Return on assets indicates profitability rate on the bases of assets. It can be calculated by…

Q: the year? — $980,000 Question: If the total liabilities decreased by $25,000 during a period and…

A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.…

Q: Mazaya Company started the year with total assets of RO.360,000 and total liabilities of…

A: Option D is the answer:

Q: Meldy Corporation had the following items of income and expenses during the year: Gross receipts…

A: 1. Income Statement - This statement shows the income earned and loss incurred by the organization…

Q: Carlton Company had assets of $280,000 and liabilities of $120,000 at the beginning of the year and…

A: In the above question we have asked to calculate net income earned by company during the year which…

Q: Last year, Roswin Robotics have $5,000,000.00 in operating income (EBIT). Its depreciation expense…

A: Net Operating Working Capital = Operating Current Assets - Operating Current Liabilities Net Working…

Q: In its first year of operations, Maria Corp.earned 48,100 in service revenue.Of that amount, 8,200…

A: The net income is calculated as difference between revenue and expenses of the current. Under…

Q: In a recent year Ley Corporation had net income of $150,000, interest expense of $30,000, and a…

A: Net income: The net income of the business is determined by subtracting the total expenses from the…

Q: Al Rahami Shop started the year with total assets of OMR210,000 and total liabilities of OMR120,000.…

A: The question is based on the concept of Financial Accounting. Net profit is profit after tax but…

Q: In its first year of operations, Roma Company reports the following. ∙ Earned revenues of $45,000…

A: Cash basis of accounting involves ascertainment of net income by using only the actual cash payments…

Q: Pratt Corp. started the Year 2 accounting period with total assets of $30,000 cash, $12,000 of…

A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after…