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anastassius [24]
3 years ago
8

Gerardi Supply started the year with total assets of $210,000 and total liabilities of $85,000. During the year, the business re

corded $275,000 in revenues, $120,000 in expenses, and dividends of $50,000. The net income reported by Gerardi Supply for the year was:
Business
1 answer:
ivanzaharov [21]3 years ago
7 0

Answer:

$155.000

Explanation:

According with the information the person has first calculate the Equity. According with the accounting equation the Assets are equal to Liabilities plus the Equity. The first step is found the equity of the next way:

Equity year 1= Assets- Liabilities  

Equity year 1= $210,000 - $85,000

Equity year 1= $125.000

Equity year 1= 125.000- 50.000 (dividends) = $75.000  

Nevertheless, the calculation of the net income is measure independent of the operations in the balance sheet.  

After you need to calculate the net income:

Net income= Revenues- Expenses  

Net income= $275,000- $120,000

Net income= $155.000

As you can see the operations in the income statement only affects are affects by the revenue and the expenses.

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Answer:

(a) Decrease in accounts receivable

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It will manage some adjustments in working capital. For addition, the depreciation expenses are added to the net profit and the loss on the selling of assets is added, while the benefit on the sale of assets is deducted

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8 0
3 years ago
High-risk or major functions are addressed in the first cycles there by delivering an operational product. Which of the sdlc pro
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The SDLC process models achieves the above function is Incremental model. Thus, option (d) is correct.

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Risk refers to the chance of happening something wrong. It involves the uncertainty about the after effects of the acts. For the businessman, risk is the reward for profit.

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Therefore, it can be concluded that option (d) is correct.

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5 0
2 years ago
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