Wiley Company had total revenues of $300,000 for a recent month. During the month the companyincurred operating expenses of $205,000 and purchased land for $45,000. Compute the amount ofWiley’s net income for the month.

Wiley Company had total revenues of $300,000 for a recent month. During the month the companyincurred operating expenses of $205,000 and purchased land for $45,000. Compute the amount ofWiley’s net income for the month.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 2EB: CPK ** Associates is a mid-size legal firm, specializing in closings and real estate law in the...

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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

Wiley Company had total revenues of $300,000 for a recent month. During the month the company
incurred operating expenses of $205,000 and purchased land for $45,000. Compute the amount of
Wiley’s net income for the month.

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