Sommer Corporation began the year with cash of $130,000 and land that $55,000. During the year Sommer earned service revenue of $280,000 and had the following expenses: salaries, $159,000; rent, $85,000; and utilities, $25,000. At year-end Sommer's cash balance was down to $19,000. How much net income (or net loss) did Sommer experience for the year?

Question

Rodney Villa

Business

2 January, 16:31

Sommer Corporation began the year with cash of $130,000 and land that $55,000. During the year Sommer earned service revenue of $280,000 and had the following expenses: salaries, $159,000; rent, $85,000; and utilities, $25,000. At year-end Sommer's cash balance was down to $19,000. How much net income (or net loss) did Sommer experience for the year?

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Answers (1)

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Jasmine Nash · Answer 1

How much net income (or net loss) did Sommer experience for the year?

$11000

Explanation:

earning 280000

Expenses salaries 159000

Expenses rent 85000

Expenses Utilities 25000

Net Income 11000