A business had revenues of $679,000 and operating expenses of $588,000. Did the business (a) incur a net loss or (b) realize net income?
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| A business had revenues of $679,000 and operating expenses of $588,000. Did the business (a) incur a net loss or (b) realize net income? |
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- Net income and dividends The income statement of a corporation for the month of February indicates a net income of $32,000. During the same period, $40,000 in cash dividends were paid. Would it be correct to say that the business Incurred a net loss of $8000 during the month? Discuss.2. A company had revenues of $ 679,000 and operating expenses of $ 588,000. Did the business (a) incur a net loss or (b) make a net income? They were net income since the income is greater than the incurred cat.a bussiness had revenues of $679,000 and operating expense of $588,000 did a bussinesss incur a net loss o realize a net income
- At the start of the period, a business has total assets of ₱500,000 and total liabilities of ₱300,000. During the period, the business earned total income of ₱1,000,000 and total expenses of ₱640,000. No additional investments or withdrawals were made by the owner. Total assets at the end of the period were ₱830,000. How much is the total liabilities at the end of the period?A. 280,000B. 270,000C. 260,000D. 240,000At the start of the period, ABC Company has total assets of ₱500,000 and total liabilities of ₱300,000. During the period, the business earned total income of ₱1,000,000 and incurred total expenses of ₱640,000. No additional investments or withdrawals were made by the owner. How much is the total equity at the end of the period?A business had the following amounts of assets and liabilities at the beginning and end of a recent year: Assets Liabilities Beginning of the year $ 84,000 $ 36,000 End of the year 126,000 55,000 Determine the profit earned or net loss incurred by the business during the year under each of the following unrelated assumptions: The owner withdrew no assets during the year but invested an additional $86,000 cash.
- As of January 1, Retained Earnings had a credit balance of $58,800. During the year, dividends totaled $1,600, and the business incurred a net loss of $82,300. Compute the balance of Retained Earnings as of the end of the year? a. Debit (negative) balance? $____ ? b. Credit (positive) balance? $_____ ?Woods, Inc. earned revenues of $17,000 and incurred expenses of $7,500. The company declared and paid cash dividends of $1,500. What is the balance in the Income Summary account after closing net income or loss to the Retained Earnings account? A. credit balance of $9,500 B. debit balance of $17,000 C. credit balance of $7,500 D. balance of $0The ending owner’s capital of the business amounts to P100, 000. The beginning assets and liabilities are P100, 000 and P60, 000, respectively, and the owner contributed additional investment of P10, 000. a.the net income would be b.How much is the ending total assets of the business? c.how much is the total revenue of the business?