Answer:
A. $61,000
B. $43,250
C. $17,750
Explanation:
(a) Calculation for Total revenue
Using this formula
Total revenue=Service sales charged to customers+Cash received from cash customers
Let plug in the formula
Total revenue= ($33,000 + $28,000)
Total revenue=$61,000
Therefore Total revenue will be $61,000
(b) Calculation for Total expenses
Using this formula
Total expenses=Expenses incurred paid +Expenses incurred but not paid +Expenses for supplies used and insurance
Let plug in the formula
Total expenses= ($36,250 + $5,000 + $2,000)
Total expenses=$43,250
Therefore Total expenses will be $43,250
(c) Calculation for net income
Using this formula
Net income=Total revenue-Total expenses
Let plug in the formula
Net income=($61,000 - $43,250)
Net income=$17,750
Therefore Net income will be $17,750
