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cupoosta [38]
4 years ago
6

Mofro's Computer Repair Shop started the year with total assets of $270,000 and total liabilities of $180,000. During the year,

the business recorded $450,000 in computer repair revenues, $250,000 in expenses, and Mofro paid dividends of $45,000. The net income reported by Mofro's Computer Repair Shop for the year was______________
Business
1 answer:
JulsSmile [24]4 years ago
3 0

Answer:

$200,000

Explanation:

As we know that

The net income is the income that is generated when we deduct all expenses incurred from all revenues generated that is reflected on the income statement  

In mathematically,  

Net income = Revenues earned - expenses incurred

                   = $450,000 - $250,000

                   = $200,000

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What has happened to China’s GPD since it began to reform its economy?
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Read 2 more answers
Assume that Live Co. has expected cash flows of $200,000 from domestic operations, 200,000 Swiss francs from Swiss operations, a
jok3333 [9.3K]

Answer:

$559,500

Explanation:

To find Live Co.'s expected dollar cash flows at the end of this year convert the Euro and Swiss francs amounts to dollar using their respective rates and then add all of the dollar amounts.

Swiss francs in dollars:

S = 200,000*0.83 = \$166,000

Euros is dollars:

E = 150,000*1.29 = \$193,500

Dollar cash flow:

C=D+S+E\\C = \$200,000+\$166,000 +\$193,500\\C=\$559,500

The company's expected dollar cash flows are $559,500.

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4 years ago
Bill took out a $100,000 non-recourse loan and bought an apartment building. The building is not security for the loan. Bill spe
natta225 [31]

Answer:

Bill has $25,000 at-risk and he can also deduct $25,000 from his income due to the losses associated with his rental activity.

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Bill's at-risk $25,000 are equal to the money he spent on house repairs.

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