Answer:
$63,620
Explanation:
Calculation to determine the amount of net income or net loss
Using this formula
Net income = Total debit - Total credit
Let plug in the formula
Net income=$570,210 -$506,590
Net income=$63,620
Therefore the amount of net income is $63,620
Answer:
The correct answer is "Journal entries passed in the journal".
Explanation:
- Posting throughout ledger has always been decided to make from transactions throughout the journal passed across.
- This becomes important to keep in mind that almost every entrance in something like a journal would also have to be commented on among all transactions debited or otherwise given credit throughout the entry to something like the journal.
Answer: 326,500
I’m not 100% sure why,but I had the same question on an assignment and that was the answer.
Answer:
a. The product must be sold
Explanation:
Total revenue and total expenses are recorded in the income statement.
If the total income exceeds than the total expenditure then the company earns net income And if the total income is less than the total expenditure then the company has a net loss.
The product includes direct material cost, direct labor cost ,and the manufacturing overhead cost. If the product cost is not sold then it is shown in the asset side of the balance sheet as an inventory
And, if the product is sold, the same is subtracted from the cost of goods sold and shown in the income statement
