Income Statement | |
Revenues: | |
Cash collected from customers | 320,000 |
Credit sales | 56,000 |
Total Revenues | $376,000 |
Expenses: | |
Rent expense (36,000/2) | 18,000 |
Salaries expense | 116,000 |
Utilities expense (46,000 + 1,600) | 47,600 |
Total Expenses | $181,600 |
Net Income ( Revenues - Expenses) | $194,400 |
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Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows:...
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