Correct Option D i.e. $154140 | ||
Calculation of Income statememt | ||
Sales | 305,000 | |
Less: merchadize purchaed | -96500 | |
Salary paid | -13800 | |
Interest Paid | -4700 | |
insurance expense | -4350 | |
Total Expense | (119,350) | |
profit before tax | 185,650 | |
Less: tax expense | (74,260) | |
Net Income | 111,390 | |
Calculation of cash balance | ||
Cash collected | 285,000 | |
Paid for merchandize | -68400 | |
Salary paid | -13800 | |
Owner's Invested | 19500 | |
Borrowed note | 19500 | |
Interest Paid | -4700 | |
Insurance Paid | -8700 | |
Tax Payment | (74,260) | |
Net ending cash balance | 154,140 | |
Peach Corporation had revenues of $305,000 in its first year of operations. The company has not...
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