Discuss the amount of net income for the year is

Assignment Help Accounting Basics
Reference no: EM131789866

During 2016, a company provided services for cash of $21,000 and services on credit of $15,000. The company collected accounts receivable of $8,000 and incurred operating expenses of $22,700, $14,000 of which were paid during the year. The amount of net income (loss) for the year is:

$13,300 $1,700 $22,700 $6,300

Reference no: EM131789866

Questions Cloud

Compute the rate of return for each division : Compute the rate of return for each division using the return on investment (ROI) formula stated in terms of margin and turnover
Find and report the standard deviation of the rate : Find and report the standard deviation of the rate of literates in the context; round to the nearest hundredth.
Horizontal points of inflection : In Problem both a function and its derivative are given. Use them to find critical values, critical points, intervals on which the function is increasing
How developments affected the real exchange rate in gb : The British pound appreciated (in real terms) significantly between 1977 and 1981. Find two main reasons for this appreciation.
Discuss the amount of net income for the year is : During 2016, a company provided services for cash of $21,000 and services on credit of $15,000
What is the cost of equity for each company : What is the cost of equity for each company? You may use 1-year, 2-year, or any other time horizon to compute the beta.
Prepare the entries on pierson co books : Prepare the entries on Pierson Co.'s books related to the transactions that occurred on January 10, February 12, and March 10
Compare and contrast the given moral philosophies : Compare and contrast the two moral philosophies: teleology and deontology. Discuss the bases that each philosophy type uses to evaluate the morality.
Instantaneous rate of change : Given that the line y = 2/3x - 8 is tangent to the graph of y = f(x) at x = 6, find

Reviews

Write a Review

Accounting Basics Questions & Answers

  Find the amount invested in the portfolio

Choose six actively traded stocks for inclusion in your investment portfolio. Assume the portfolio was created three years ago by purchasing 200 shares.

  The appropriation other program costs covers vacation

The appropriation Other program costs covers vacation pay pension and retiree health care benefits and all other program expenditures The city uses the purchases method to record the acquisition of supplies. The year end supplies inventory is consi..

  Calculate updated retained earning amount from trial balance

Identify elements; calculate missing amount (e.g., net income, etc.); calculate updated retained earnings amount from a Trial Balance.

  Interfund premiums actuarial estimates from previous fiscal

interfund premiums actuarial estimates from previous fiscal year to determine necessary to establish a reserve for

  Calculate the payback period for the system

Calculate the payback period for the system. Calculate the NPV and IRR for the project

  Presented below is the adjusted trial balance of twk inc at

presented below is the adjusted trial balance of twk inc. at december 31 debit credit cash 10 accounts receivable 20

  The trucks will have a useful life of seven years to raise

the diamond freight company has been offered a seven-year contract to haul munitions for the government. because this

  Compute the total net liability

Prepare adjusting entries at December 31. Compute the total net liability to be reported on the December 31 balance sheet for: The interest-bearing note and The zero-interest-bearing note

  Accounting for bad debts

What amount of bad debts expense will Hamilton Company report if it uses the direct write-off method of accounting for bad debts?

  The principal amount of the lease obligation

On January 1, 2015, Day Corp. entered into a 10-year lease agreement with Ward, Inc. for industrial equipment. Annual lease payments of $10,000 are payable at the end of each year. Day knows that the lessor expects a 10 percent return on the l..

  Which nation goods become more attractive

In each of the following scenarios, suppose that the two nations are the only trading nations in the world. Given inflation and the change in the nominal.

  Value of a european call option with a strike price

Suppose that Bigco is currently trading for $100 per share. We know that in one year Bigco stock will sell for either $150 per share (?ogood day??) or for $75 per share (?obad day??).

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd