Question

Seidner Company had the following account balances at the end of the first year of​ operations: Revenues $ 102 comma 000 Salaries Expense $ 13 comma 000 Dividends $ 9 comma 000 Utilities Expense $ 13 comma 000 Advertising Expense $ 8 comma 000 Shortminusterm Investments ​$20,000 Cash $ 34 comma 000 Land ​$50,000 Common Stock ​$50,000 What is the amount of net income or net loss for the​ year?

Answer 1

Answer:

net income = $68000

Explanation:

given data

Revenues =  $102000

Salaries Expense = $13000

Dividends = $9000

Utilities Expense = $13000

Advertising Expense = $8000

Short minus term Investments = ​$20,000

Cash = $34 000

Land = ​$50,000

Common Stock = ​$50,000

to find out

amount of net income or net loss for the​ year

solution

we get here amount of net income that is express as

net income = revenue - salaries expense - utilities expenses - advertising expense    ..................1

put here value we get

net income = $102000 - $13000  -$13000  - $8000

net income = $68000