If you could explain/show how you came to your answer that would be great! Listed below...
If you could explain/show how you came to your answer that would be great!
Listed below are the account balances of the Grahamm Corporation:
|
Accounts Payable |
$ 75,000 |
|
Cash |
100,000 |
|
Common Stock |
200,000 |
|
Dividends |
10,000 |
|
Land |
170,000 |
|
Miscellaneous Expense |
10,000 |
|
Service Revenue |
147,000 |
|
Equipment |
130,000 |
|
Note Payable due in 90 days |
60,000 |
|
Long-Term Debt |
15,000 |
|
Salary Expense |
87,000 |
Net Income (Net Loss) is:
A. $60,000
B. $40,000
C. ($18,000)
D. $50,000
Homework Answers
Correct answer--------(D) $50,000
Working
| Income statement | ||
| Service revenue | $ 1,47,000.00 | |
| Less: Expenses | ||
| Salaries expense | $ 87,000.00 | |
| Miscellaneous Expense | $ 10,000.00 | |
| Total expense | $ 97,000.00 | |
| Net income | $ 50,000.00 | |
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