Seidner Company had the following account balances at the end of the first year of operations: Revenues $ 102 comma 000 Salaries Expense $ 13 comma 000 Dividends $ 9 comma 000 Utilities Expense $ 13 comma 000 Advertising Expense $ 8 comma 000 Shortminusterm Investments $20,000 Cash $ 34 comma 000 Land $50,000 Common Stock $50,000 What is the amount of net income or net loss for the year?

Question

Business

Kira Hughes

14 October, 08:40

Seidner Company had the following account balances at the end of the first year of operations: Revenues $ 102 comma 000 Salaries Expense $ 13 comma 000 Dividends $ 9 comma 000 Utilities Expense $ 13 comma 000 Advertising Expense $ 8 comma 000 Shortminusterm Investments $20,000 Cash $ 34 comma 000 Land $50,000 Common Stock $50,000 What is the amount of net income or net loss for the year?

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Answers (1)

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Aires · Answer 1

net income = $68000

Explanation:

given data

Revenues = $102000

Salaries Expense = $13000

Dividends = $9000

Utilities Expense = $13000

Advertising Expense = $8000

Short minus term Investments = $20,000

Cash = $34 000

Land = $50,000

Common Stock = $50,000

to find out

amount of net income or net loss for the year

solution

we get here amount of net income that is express as

net income = revenue - salaries expense - utilities expenses - advertising expense ... 1

put here value we get

net income = $102000 - $13000 - $13000 - $8000

net income = $68000