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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.

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ANEK [815]

Answer: b. Yes; No

Explanation:

The Government Accounting Standards Board (GASB) is simply a non-governmental organization which is private that helps in the creation of accounting reporting standards, for both states in the United States and the local governments.

Under GASB standards, financial information useful for assessing operational accountability is primarily reported in the Government wide financial statements and not the Fund Financial statements.

7 0
3 years ago
An unusual development in the wake of the 2007-2009 financial crisis was that nominal interest rates on some financial instrumen
bogdanovich [222]

Answer:

c. The real interest rate is 1 percent and the expected inflation rate is minus 2 percent

Explanation:

Nominal interest rate = real interest rate + expected inflation rate.

For the third option, the nominal interest rate: 1% + (-2%) = -1%

For the first option, the nominal interest rate: 2% + 1% = 3%

For the second option, the nominal interest rate: 0 + 2% = 2%

For the fourth option, the nominal interest rate: -2% + 3% = 1%

I hope my answer helps you

4 0
3 years ago
Which of the following factors least constrains high performance in planning organizations?
Artemon [7]

Answer:

environment is the correct answer.

Explanation:

3 0
3 years ago
Which of the following costs do not vary with the amount of output a firm produces? a. average fixed costs b. fixed costs and av
Harrizon [31]

Answer:

d. fixed costs

Explanation:

The fixed cost is the cost which does not change if there is a change in the level of production i.e if the production level is increased or decreased it the fixed cost would remain the same as it is previous before

Therefore according to the given situation, since the fixed does not vary with the amount of firm output

Hence, option d is correct

4 0
3 years ago
Alicia is working on a presentation about the top 10 employees of the month in her office. She wants to add a bold effect to the
frutty [35]

Answer: Highlight the headings in bold and choose your preferred colour.

Explanation:

For Alicia To add a bold effect on the word, she has to highlight the word she wants to work with and increase the size to your desired colour, this is also applicable to choosing preferred colour

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3 years ago
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