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omeli [17]
3 years ago
6

During the first year of operations, a company sold $113,000 of goods to customers and received $96,500 in cash from customers.

The remainder is owed to the company at the end of the year. The company incurred $71,300 in expenses for the year and paid $66,300 in cash for these expenses. The remainder is owed by the company at the end of the year. Based on this information, what is the amount of net income for the year
Business
1 answer:
Oksi-84 [34.3K]3 years ago
6 0

Answer:

Net Income for the year is $41700

Explanation:

The accounting basis that is generally followed by the businesses is the accrual basis of accounting. The accrual principle states that incomes and expenses should be recorded and recognized in the period to which they relate to rather than in the period where cash is received or paid.

This means that we will record income and expenses related to this year in this year's profit calculation even when we have not received or paid cash for such incomes and expenses.

Thus, net income for this year will be calculated as,

Net Income = Total Sales Revenue - Total expenses

Net income = 113000 - 71300    

Net Income = $41700

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A general agent can perform all acts in relation to a business that has been assigned by the principal. For example in real estate when an agent performs property management functions for his client he is acting as a general agent.

On the other hand a special agent is one that is employed by a principal to perform a specific task or job and his scope of responsibility is limited to that job function.

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The following transactions were selected from among those completed by Hailey Retailers in the current year:
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The appropriate journal entry for each of these transactions,

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Nov 20                Cash    a/c                                441

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Nov 25        Accounts receivable                      2800

                    To sales receivable                                                   2800

Nov 28        Accounts receivable                 7200

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                To account for receivable                                           600

Dec 06      Cash                                         6468

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Dec 30      Cash                                          2800

                 To accounts receivable                                   2800

Net sales:450+2800+7200-600-132

              = 9718

Examples of transactions are as follows: Paying a provider for offerings rendered or goods introduced. Paying a vendor with cash and a note so one can obtain ownership of assets formerly owned by the seller. Paying an employee for hours worked.

A transaction is a finished settlement between a client and a seller to exchange items, offerings, or monetary property in going back for cash. The term is also commonly utilized in company accounting. In business bookkeeping, this simple definition can get complex.

A cash transaction is the immediate charge of coins for the acquisition of an asset. some market stock transactions are considered cash transactions although the exchange might not settle for some days. A futures agreement isn't always considered a cash transaction.                

Learn more about transactions here brainly.com/question/5007419

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