Answer:
Net Income for the year = $90000
Explanation:
The net income is the function of Revenues less expenses.
The revenue for the year is provided in the question and it amounts to $140000. Similarly the figure for this period's expenses is also available as $50000.
The net income for the year is,
Net Income = Revenue - expenses
Net Income = 140000 - 50000 = $90000
The kinship units comprised thousands of families where each performed a particular economic activity. Jati is the Sanskrit name that is given to such kingship units.
Jati is the traditional term used to describe a cohesive group of people in India. This is similar to a tribe, community, clan, sub-clan, or religious section of people. Each Jati has an association with economic activity, geography, or tribe. Different linguistic groupings and religious beliefs may also define some Jatis.
The Sanskrit word Jati means 'birth.' The term Jati is used for the thousands of clans, families, and communities. This may also refer to a caste within the Hindu family. Madhav Gadgil who is a professor has Jatis as self-governing and closed communities. This was based on the research done by him in ancient Maharastra.
Learn more about kinship units here:
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Answer:
January 1, 2020
Explanation:
An S corporation isalso called small business corporation. It is a type of company that shields its owners in the case of liabilities. The owners are not directly liable for obligations of the corporation.
A calenders year of a company is defined as the fiscal year in which a company makes profit and declares a profit or loss within that time frame.
If shareholders file a revocation statement on March 20, 2019, to terminate their S corporation's S election, they will have to wait till the end of the fiscal year before the S corporation is terminated.
That is on January 1, 2020.
Service Revenue.................................65000
Rent Revenue..........................................6000
To Income Summary.....................................................71000
Income Summary..........................78900
To Depreciation Expense..............................................7000
To Salaries Expense.......................................................56400
To Utilitites Expense.........................................................15500
Retained Earnings.....................................................................7900
To Income Summary...............................................................................7900
