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kirza4 [7]
2 years ago
6

A company started the year with the following: Assets $104,000; Liabilities $34,000; Common Stock $64,000; Retained Earnings $6,

000. During the year, the company earned revenue of $5,400, all of which was received in cash, and incurred expenses of $3,200, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,400 to owners. Assume no other activities occurred during the year. What was the amount of net income for the year?
a. $3,200.
b. $2,200.
c. $1,400.
d. $5,400.
Business
1 answer:
Leona [35]2 years ago
8 0

Answer:

b. $2,200.

Explanation:

Net income = Revenue - Expenses

Net income = $5,400 - $3,200

Net income = $2,200

Therefore, the amount of net income for the year is $2,200

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klemol [59]

Answer:

The answer is given below;

Explanation:

Days sales in inventory-2017= Average Inventory/Cost of goods sold*365

                                =(115,000+85,000)/2/(458,674)/365

                                =(100,000/458,674)*365

                                =80 days

Days sales inventory 2016= (85,000+56,000)/2/(385,686)*365

                                            =(70,500/385,686)*365

                                             =67 days

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Westkost [7]
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2 years ago
Suppose you win a small lottery and have the choice of two ways to be paid: You can accept the money in a lump sum or in a serie
Salsk061 [2.6K]

Answer:

take the payments over time payout

Explanation:

My personal opinion/advice would be to take the payments over time payout. There are many reasons for this, the first one being that most individuals are not used to receiving large sums of cash and usually end up wasting all the money as soon as they receive it, which usually does not occur if the payments are made over time. The second and more important reason is that if the payments are made over different years your would pay a much lesser amount on taxes every year that passes. This means that the even with the interest rate you would most likely have more overall money if you take the payments over time.

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"Tourism sector has become a good source of earning foreign currency in Nepal"Justify this statement with examples
olchik [2.2K]

Explanation:

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5 0
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Read 2 more answers
A collateralized mortgage obligation pays a 2% coupon rate on the first tranche plus any prepayments until its $50 million par v
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Answer:

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Explanation:

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In the given situation, there are three tranches. The first tranche has the highest prepayment risk because it is receiving principal at the earliest. Hence, there is more of a chance of this principal being returned early and the CMO holder losing out on potential interest. Therefore, the prepayment risk of the first tranche is the highest among all three tranches.

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