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
Irina-Kira [14]
3 years ago
9

Income Statement The revenues and expenses of Paradise Travel Service for the year ended May 31, 2018, follow: Fees earned $900,

000 Office expense 300,000 Miscellaneous expense 15,000 Wages expense 450,000 Prepare an income statement for the year ended May 31, 2018. Paradise Travel Service Income Statement For the Year Ended May 31, 2018
Business
1 answer:
Virty [35]3 years ago
6 0

Answer:

Net income is $135,00 from the income statement.

Explanation:

In the Income Statement for a particular year, all expenses all expenses for the year are deducted from the income to arrive at net income for that year. Based this, we have:

Paradise Travel Service Income Statement For the Year Ended May 31, 2018

<u>Details                                         ($)   </u>

Fees earned                          900,000

Office expense                    (300,000)

Miscellaneous expense         (15,000)

Wages expense                  <u> (450,000) </u>

Net income                          <u>  135,000 </u>

Therefore, net income is $135,00 from the income statement.

You might be interested in
If there is no written designated agency relationship, a client of Meramac Realty has what kind of relationship with Meramac
LuckyWell [14K]

Answer: c. A nonagency relationship with everyone in the office.

Explanation:

For an agency relationship to exist in the eyes of the law, there must be a contract with a written designated agency relationship between the client and Meramac Realty.

With no such contract in existence, the law recognizes no agency relationship between Meramac and any of its affiliates with the client. There is therefore a non-agency relationship with everyone in Meramac.

5 0
2 years ago
what percentage of loss would a seller in deerfield beach have if he paid $18,000 for a vacant lot, built a home on the lot that
den301095 [7]

Add the cost of the lot and the cost of the house together to get the total cost ($163,000). Next, subtract the sales price from the total cost to get the amount of loss ($10,000) he took. Finally, divide the total cost by the loss amount ($10,000 ÷ $163,000).

The definition of cost is to be valued at something or to lose. A loaf of bread costing $3 is an example of a cost. Giving up your freedom in order to grant freedom to another person is an illustration of the cost.

A company's cost is the amount of money it had to spend to create its goods or services. It is calculated as the sum that the business spends to create a specific number of a product. Simply put, it is the cash that a business spends on things like labour, services, raw materials, and other costs.

Learn more about cost here:

brainly.com/question/15135554

#SPJ4

3 0
1 year ago
Havermill Co. establishes a $270 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated recei
stiv31 [10]

Answer:

Hi there!

C. Debit Miscellaneous Expense $270; credit Cash $270.

Explanation:

At the time of the reimbursement from the petty cash, the vouchers for the money used are presented and these must be charged to the different expenses incurred.

In October 1, the journal entry for the petty cash increase of $54 will be:

Debit Petty Cash $54; credit cash $54.

8 0
3 years ago
Among the various kinds visual aids, tables are what?
pochemuha

The most difficult to construct.

6 0
3 years ago
Which of the following is true of patch management? It helps in decommissioning the current system and installing the new system
DIA [1.3K]

Answer:

The correct answer is the fourth option: It helps in performing corrective or preventive maintenance for a system.

Explanation:

To begin with, a <em>patch management</em> is a technology process used nowadays in the organizations in order to establish a better way to organize the multiple server that it uses currently. It basically focus on the process of regularly performing patch deployment to keep computers up to date therefore that the process detects the missing patches and correct them in order to help the company to reduce system-related failures so that it can improve in productivity and save in the costs associated with it.

3 0
3 years ago
Other questions:
  • Ted purchased an annuity today that will pay $1,000 a month for five years. He received his first monthly payment today. Allison
    5·1 answer
  • Georgina is the owner of a company called piquant (which means having a pleasantly sharp taste or appetizing flavor). she was lo
    11·1 answer
  • A good’s price elasticity of demand depends in part on how necessary it is relative to other goods. If the following goods are p
    5·1 answer
  • Which best describes the effect of outsourcing on the labor market in the United States
    7·1 answer
  • The following transactions occur for Badger Biking Company during the month of June:
    14·1 answer
  • Suppose a three period weighted average is being used to forecast demand. Weights for the periods are as follows: 0.1, 0.4 and 0
    11·1 answer
  • Professionalism is a skill necessary for......
    6·2 answers
  • Santayana Company purchased a machine on January 1, 2011, for $20,000 with an estimated salvage value of $5,000 and an estimated
    9·1 answer
  • One of the advantages of the Weighted Point Evaluation Method is that it: A. Keeps the number of suppliers in a Supply Chain low
    10·1 answer
  • The economic effect of an expense is incurred when the benefit expires or is used up not when cash is paid true or false
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!