Net income or net loss for the year

Assignment Help Financial Accounting

Reference no: EM131266597

Last year, Internet Service Company (ISC) sold services on account for $75,000 and incurred expenses totaling $48,000. At the end of the year, the balance for Accounts Receivable was $10,000, and the balance for Accounts Payable was $8,000. What was ISC's net income or net loss for the year?

Reference no: EM131266597

Questions Cloud

Prepare journal entries to record the transactions : Declared the annual 2014 $10 per share dividend on preferred stock and the $2 per share dividend on common stock. These dividends are payable in 2015. Prepare journal entries to record the transactions described above

How does accrual differ from cash basis accounting : Prepare the end-of-month report to account for the incomes and expenses of Macdonald Sign Enterprise under cash basis accounting - How does accrual accounting differ from cash basis accounting. The student may define/explain and give example for bo..

Indicated expenses pertaining to the lease : Which party in a capital lease recognizes the indicated expenses pertaining to the lease, over the lease term?

Describe your companys target market segment : Describe your company's target market segment(s). - How is the target market for your Internet business different from that of a traditional business in your market?

Net income or net loss for the year : Last year, Internet Service Company (ISC) sold services on account for $75,000 and incurred expenses totaling $48,000. At the end of the year, the balance for Accounts Receivable was $10,000, and the balance for Accounts Payable was $8,000. What was ..

Analyze and judge the cash flow from operating activities : Analyze and judge the cash flow from operating activities at ABC Company. Is ABC effective at utilizing funds within the company? Analyze and explain the significance of each item from the investing section of the statement.

What is the value of the constant relating wm and n : Write the expressions for the induced emf and torque of a dc machine using standard symbol. What is the machine constant? What is the value of the constant relating wm and n?

Moon shots for management : In the assigned article, "Moon shots for management," Hamel (2009), other scholars and business leaders identify a list of twenty-five management priorities or a "roster of make-or-break challenges - management moon shots - that would focus the en..

Green mountain partners : Greg, Alex, and Tom formed a general partnership in 2000 which they call Green Mountain Partners. Green Mountain Partners presently owns a bed and breakfast inn located in Quechee, Vermont. If Greg contributed the land to the partnership, Green Mount..

User Account

All Pages