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26 September, 21:35

Sunny Corporation began the year with cash of $ 141, 000 and land that cost $ 55, 000. During the year Sunny earned service revenue of $ 250 comma 000 and had the following expenses: salaries, $ 190 comma 000 ; rent, $ 80,000 ; and utilities, $ 28,000. At year-end Sunny 's cash balance was down to $ 15 comma 000. How much net income (or net loss) did Sunny experience for the year?

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  1. 27 September, 00:02
    0
    Net Loss experienced during the year = ($48,000)

    Explanation:

    Provided information we have,

    Revenue for the year = $250,000

    Costs incurred during the year

    Salaries = $190,000

    Rent = $80,000

    Utilities = $28,000

    Total cash cost = $298,000

    Thus, net income or (loss) = Total Revenue for the year - Total cost for the year

    Thus, Net Income or (Loss) = $250,000 - $298,000 = ($48,000)

    Therefore, Net Loss experienced during the year = ($48,000)
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Home » Business » Sunny Corporation began the year with cash of $ 141, 000 and land that cost $ 55, 000. During the year Sunny earned service revenue of $ 250 comma 000 and had the following expenses: salaries, $ 190 comma 000 ; rent, $ 80,000 ;
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