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anastassius [24]
3 years ago
12

For each of the following, determine the amount of net income or net loss for the year. a. Revenues for the year totaled $71,300

and expenses totaled $35,500. The shareholders purchased $15,000 of common stock during the year. $ b. Revenues for the year totaled $220,500 and expenses totaled $175,000. The shareholders were paid $40,000 dividends during the year. $ c. Revenues for the year totaled $149,000 and expenses totaled $172,000. The shareholders purchased $12,000 of common stock and were paid $16,000 in dividends during the year. $ d. Revenues for the year totaled $198,150 and expenses totaled $174,200. The shareholders were paid $35,000 dividends during the year. $
Business
1 answer:
Anika [276]3 years ago
4 0

Answer:

a) Net income of $35,800

b) Net income of $45,000

c) Net loss of $23,000

d) Net income of $23,950

Explanation:

Net income is the difference between the revenue and expense.

Where revenue is more than expense, we have a net income otherwise, a net loss.

a) Net income = $71,300 - $35,500

= $35,800

b) Net income =  $220,500 - $175,500

= $45,000

c) Net loss =  $149,000 - $172,000

= - $23,000

d) Net income = $198,150 - $174,200

= $23,950

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6 0
2 years ago
Land was acquired in 2021 for a future building site at a cost of $40,000. The assessed valuation for tax purposes is $27,000, a
Aleks [24]

Answer:

The land should be reported in the financial statements at $40,000

Explanation:

At the time of recording of the fixed assets, the fixed assets should be recorded at purchase cost or historical price

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But at the time of recording, the balance sheet would show at the purchase price i.e $40,000

8 0
3 years ago
What's meant by the term Gross Domestic Product? Question 14 options: The total value of all goods and services produced in a co
Sladkaya [172]
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6 0
2 years ago
Mr. Rational has $27 that he plans to spend purchasing 5 units of good X (priced at $3 per unit) and 6 units of good Y (priced a
allsm [11]

Answer:

Option A, buy less of X and more of Y is correct.

Explanation:

The amount that Mr. Rational is going to spend = $27

Quantity of good X = 5 units

Price of good X (Px) = $3 per unit

Marginal utility of 5th unit of X (MUx) = 30

Quantity of good Y = 6 units

Price of good Y (Py) = $2 per unit

Marginal utility of 6th unit of Y (MUy) = 18

Now \ find \  \frac{MUx}{Px} = \frac{30}{3} = 10 \\

Now \  \frac{MUy}{Py} = \frac{18}{2} = 9

Since \ the  \ \frac{MUx}{Px} is \ greater \ than \  \frac{MUy}{Py}.

So good x will be substituted for y in order to reach the consumer equilibrium.

\frac{MUx}{Px} =  \frac{MUy}{Py}

Thus, Option a. buy less of X and more of Y is correct.

4 0
3 years ago
If you put $2,620 in a savings account and make no further deposits, what type of calculation would provide you with the value o
riadik2000 [5.3K]

Answer:

future value of a lump sum:

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Explanation:

when there is only a single deposits the formula will be the compounding interest future value of a lump sum

The deposits will generate incoem at a given rate r which, will make it increase their value over the course of time.

3 0
3 years ago
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