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Angelina_Jolie [31]
3 years ago
15

Home Realty, Incorporated, has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the tot

al outstanding stock of 9,000 shares and is the managing executive in charge. On December 31, the following financial items for the entire year were determined: sales revenue, $166,000; salaries and wages expense, $97,000; interest expense, $6,300; advertising expenses, $9,025; and income tax expense, $18,500. Also during the year, the company declared and paid the owners dividends amounting to $12,000.
Required:
Prepare the company’s income statement.
Business
1 answer:
nordsb [41]3 years ago
4 0

Answer:

Net Income for the year is $23,175

Explanation:

The Company's income Statement is prepared below. In relation to the following please note that:

  • Total Revenue is considered Section A while Total Expense is Section B and the Net Income is the difference of the same (A - B).

<u>Income Statement on December 31st:</u>

HOME REALTY, CORPORATION

Income statement

For period ended December 31st

Revenue                                           $

Sales Revenue                             166,000  

Other Revenue                                   -  

Total Revenue (A)                             166,000  

Expenses:                                    $

Salaries and Wages Expense             97,000  

Interest Expense                                6,300  

Advertising Expenses                        9,025  

Income Tax Expense                        18,500  

Dividends                                        12,000

Total Expenses (B)                        142,825  

Net Income (A-B)                                 $23,175

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Answer:

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4 years ago
Can explain to me what are the financial sector of Japan?
sesenic [268]

Answer:

1.1 Core Functions of the Financial Sector

Although they are often thought of as recent phenomena, financial and payment systems have evolved over several thousand years. The manner in which transactions occur has changed remarkably over that time, but the underlying objectives have not. The economic functions performed by the first modern banks of Renaissance Italy, for instance, still apply today (Freixas and Rochet 2008).

At least four core functions can be identified.[1] The financial sector should provide the following services:

Value exchange: a way of making payments.

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4 0
3 years ago
1 point
kow [346]
C a p I t a l.
Have a great day
7 0
3 years ago
_____ refers to an arrangement by which the owner of a product or service allows others to purchase the right to distribute the
dezoksy [38]

Answer:

The correct answer is letter "A": Franchising.

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A franchise is an enterprise through which a <em>franchisee </em>acquires access to the proprietary information, processes, and trademarks of an existing enterprise called the <em>franchisor</em>. A franchise offers the opportunity to own a company while avoiding many of the initial challenges. The franchisor purchases the right to market a good or service under the brand name of a well-known organization.

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4 years ago
An investor goes short against the box to lock in a gain on a stock position that has been held for 11 months. 3 months later, t
dybincka [34]

Answer: I and III

Explanation:

From the question, we are informed that investor goes short against the box to lock in a gain on a stock position that has been held for 11 months. 3 months later, the investor closes the short position with his long shares.

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