Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in...
Yowell Company began operations on January 1, Year 1.
During Year 1, the company engaged in the following cash transactions:
1) issued stock for $46,000
2) borrowed $28,000 from its bank
3) provided consulting services for $44,000 cash
4) paid back $18,000 of the bank loan
5) paid rent expense for $10,500
6) purchased equipment for $15,000 cash
7) paid $3,300 dividends to stockholders
8) paid employees' salaries of $24,000 What is Yowell's net income for Year 1?
Homework Answers
Ans:
|
: |
Computation of Yowell's Net Income for Year 1: |
||
|
Service revenue |
= |
$ 44,000 |
|
|
Less: |
Rent Expense |
= |
$ 10,500 |
|
Less: |
Salaries Expense |
= |
$ 24,000 |
|
Net Income |
= |
$ 9,500 |
|
|
Therefore, Yowell's Net Income for Year 1 is $9,500 |
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Yowell Company began operations on January 1, Year 1.
During Year 1, the company engaged in...
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