1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
bonufazy [111]
3 years ago
8

Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1)

issued stock for $52,000 2) borrowed $31,000 from its bank 3) provided consulting services for $50,000 cash 4) paid back $21,000 of the bank loan 5) paid rent expense for $12,000 6) purchased equipment for $18,000 cash 7) paid $3,600 dividends to stockholders 8) paid employees' salaries of $27,000 What is Yowell's net income for Year 1?
Business
1 answer:
Verizon [17]3 years ago
8 0

Answer:

$11,000

Explanation:

Data provided as per the requirement of net income for year 1 is here below:-

Provided consulting services = $50,000

Paid rent expense = $12,000

Paid employees salaries = $27,000

The computation of net income for Year 1 is shown below:-

Net income for Year 1 = Service revenue - Rent expense - Salary expenses

= $50,000 - $12,000 - $27,000

= $11,000

Therefore for computing the Net income for Year 1 we simply applied the above formula.

You might be interested in
Use the following information to perform the calculations below (using the indirect method).
daser333 [38]

Answer:

a) cash flow from operating activities

net income $650,000

adjustments:

depreciation expense $96,000

accounts payable $38,000

accounts receivable -$22,800

inventory -$57,000

prepaid insurance -$8,400

net cash flow from operating activities $695,800

b) cash flow from investing activities

Sale of long term investments $57,500

Purchase of long term assets -$610,000

Long term assets exchanged for common stocks $113,000

net cash flow from investing activities -$439,500

7 0
2 years ago
Telephone companies and electric utilities were among the last businesses to start actively using public relations.
melomori [17]

Answer:

your answer would be false

hope this helps

:)

6 0
3 years ago
Read 2 more answers
A company's strategy is a "work in progress" and evolves over time because of the Select one: a. frequent need to modify key ele
Artemon [7]

Answer: d. The ongoing need of company managers to react and respond to changing market and competitive conditions

Explanation:

As market changes and becomes more competitive, there is need to ensure that partially finished goods awaiting completion(work in progress) are completed.

6 0
3 years ago
Question 2 of 10
aniked [119]
I’m pretty sure it c or A
8 0
3 years ago
Hardcover books are shipped 3 days after an order is placed. soft cover books always take at least 1 day less than hardcover boo
Westkost [7]

If the assumptions are true, the conclusion relating to the longer time taken to ship the special apparel than the softcover books is correct.

<h3>What is meant by the conclusion?</h3>

The conclusion is a brief summary of any topic without going into the detail of it.

The shipping time taken to deliver the softcover books is 2 days, that is, 1 day more than the shipping time taken to deliver hardcover books. There is a difference of only one day in both the shipping. The time taken by special apparel to ship is longer than the hardcover books which means that time is also greater than softcover books.

Therefore, the provided conclusion statement is correct keeping all the assumptions true.

Learn more about the conclusion in the related link:

brainly.com/question/78686

#SPJ1

8 0
2 years ago
Other questions:
  • Jacob is a customer whose sales region code is 14. He had bought goods worth $150 from ABC company in June. He does not have dea
    7·1 answer
  • Is the statement below true or​ false? ▼ True False . ​(Select from the​ drop-down menu.) The cash surplus can be used for a var
    12·1 answer
  • 8.
    13·1 answer
  • Describing How to Save Workbooks
    6·1 answer
  • Unsystematic risk: Group of answer choices can be effectively eliminated by portfolio diversification. is compensated for by the
    14·1 answer
  • In the early 2000’s, mp3 players replaced cd players as the preferred portable music player. this shift in demand was likely the
    9·1 answer
  • Juan Carlos originally hoped to purchase a home. However, because he could not earn enough money to ever afford one, he decided
    10·1 answer
  • A higher rate of investment now will generate Multiple Choice more future inflation. more future production. more current consum
    5·1 answer
  • If any of you are having problems we can talk go ahead let everything out i'll help you!
    12·1 answer
  • Tim and Tammy are updating their financial plan and are concerned that they might not have enough life insurance coverage for th
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!