A business had revenues of $640,000 and operating expenses of $715,000. Did the business (a) incur a net loss or (b) realize net income?
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A business had revenues of $640,000 and operating expenses of $715,000. 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.The Accounting Equation Using the accounting equation, answer each of the following independent questions. Burlin Company starts the year with $100,000 in assets and $80,000 in liabilities. Net income for the year is $25,000, and no dividends are paid. How much is owners equity at the end of the year? Chapman Inc. doubles the amount of its assets from the beginning to the end of the year. Liabilities at the end of the year amount to $40,000, and owners equity is $20,000. What is the amount of Chapmans assets at the beginning of the year? During the year, the liabilities of Dixon Enterprises triple in amount. Assets at the beginning of the year amount to $30,000, and owners equity is $10,000. What is the amount of liabilities at the end of the year?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 incomeAt 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?
- In an income statement. If the income earned is 523,200 and the expenses incurred is 123,000 the result of the operation isThe 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?The ending owner's equity of the business amounts to P100,000. The beginning assets and liabilities are P100,000 and P60,000 respectively. The owner contributed additional investments of P10,000 and incurred P15,000 expenses during the period. 6. How much is the net income?7. How much is the ending total assets assuming liabilities remain the same?8. How much is the total revenues?