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?

Question

Guest

Business

12 January, 10:58

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?

+1

Answers (1)

Know the Answer?

Jazlynn Mora · Answer 1

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