Question

a) Joli Upfront began the Upfront Company by investing $72931 of cash in the business. The...

a) Joli Upfront began the Upfront Company by investing $72931 of cash in the business. The company recorded revenues of $572557, expenses of $431515, and had owner drawings of $52398. What was Upfront's net income for the year?

b) ABC Company began the year with owner's equity of $243222. During the year the company recorded revenues of $362970, expenses of $286807, and had owner drawings of $51896. What way ABC's owner's equity at the end of the year?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer a.

Revenues = $572,557
Expenses = $431,515

Net Income = Revenues - Expenses
Net Income = $572,557 - $431,515
Net Income = $141,042

Answer b.

Revenues = $362,970
Expenses = $286,807

Net Income = Revenues - Expenses
Net Income = $362,970 - $286,807
Net Income = $76,163

Owners’ Equity at the end of the year = Owners’ Equity at the beginning of the year + Net Income - Drawings
Owners’ Equity at the end of the year = $243,222 + $76,163 - $51,896
Owners’ Equity at the end of the year = $267,489

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Waterway Industries began the year by issuing $113000 of common stock for cash. The company recorded...
Waterway Industries began the year by issuing $113000 of common stock for cash. The company recorded revenues of $1109000, expenses of $973000, and paid dividends of $58000. What was Waterway's net income for the year? A. $78000 B. $136000 C. $191000 D. $249000
Question 9 (1 point) When an owner invests cash in business, the equity balance will a.increase...
Question 9 (1 point) When an owner invests cash in business, the equity balance will a.increase b.decrease c.no impact on equity d.none of these options Question 10 (1 point) Cash withdrawn from business by owner would a.increase owner's equity b.decrease owner's equity c.have no impact on equity d.not be recorded as it is owner's personal transaction Question 11 (1 point) If Assets are $ 21,000 and Liabilities are $ 9,000 equity will be? (use accounting equation) a.$ 9,000 b.$ 12,000...
G) See the explanation below to work the problem. XYZ Company, a 'for-profit' business, had revenues...
G) See the explanation below to work the problem. XYZ Company, a 'for-profit' business, had revenues of $12 million in 2016.Expenses other than depreciation totaled 75 percent of revenues, and depreciation expense was $1.5 million. XYZ Company, must pay taxes at a rate of 40 percent of pretax (operating) income. All revenues were collected in cash during the year, and all expenses other than depreciation were paid in cash. What was XYZ's net income for the year? H) XYZ Company,...
DEF Industries, a private company, is considering a change to the cash basis of accounting from...
DEF Industries, a private company, is considering a change to the cash basis of accounting from the accrual basis of accounting. This year, DEF reported $140,000 of total accrual basis expenses on the income statement. At the beginning of the year, DEF had of $21,000 of accrued expenses and $8,000 of prepaid expenses. At the end of the year, DEF had $18,000 of accrued expenses and $4,000 of prepaid expenses. DEF also reported $12,000 of depreciation expense for the year,...
TaiShar Industries, a private company, is considering a change to the cash basis of accounting from...
TaiShar Industries, a private company, is considering a change to the cash basis of accounting from the accrual basis of accounting. This year, TaiShar reported $35,000 of total accrual basis expenses on the income statement. At the beginning of the year, TaiShar had of $15,000 of accrued expenses and $2,000 of prepaid expenses. At the end of the year, TaiShar had $24,000 of accrued expenses and $6,000 of prepaid expenses. TaiShar also reported $7,000 of depreciation expense for the year,...
Let’s put all the pieces together now. Suppose that you are analyzing Martin Company. You know...
Let’s put all the pieces together now. Suppose that you are analyzing Martin Company. You know that at the beginning of the year, the assets equaled $320,000 and the liabilities equaled $176,000. During the year, assets increased by $48,000 and owner's equity increased by $24,400. The change in owner's equity includes all increases and decreases. Further analysis reveals that the changes in owner's equity were caused by revenues of $223,200 and expenses totaling $112,320 during the year, and additional owner's...
In its income statement for the year ended December 31, 2020, Novak Company reported the following...
In its income statement for the year ended December 31, 2020, Novak Company reported the following condensed data. Operating expenses $731,780 Interest revenue $30,980 Cost of goods sold 1,303,500 Loss on disposal of plant assets 18,110 Interest expense 74,730 Net sales 2,413,600 Other comprehensive loss 8,200 Prepare a single-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) NOVAK COMPANY Income Statement December 31, 2020For the Month Ended December 31,...
Presented below is information for Concord Company for the month of March 2020. Cost of goods...
Presented below is information for Concord Company for the month of March 2020. Cost of goods sold $221,920 Rent expense $33,370 Freight-out 6,410 Sales discounts 8,470 Insurance expense 5,440 Sales returns and allowances 12,520 Salaries and wages expense 55,970 Sales revenue 390,680 Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) CONCORD COMPANY Income Statement March 31, 2020For the Month Ended March 31, 2020For the Year Ended...
Exercise 5-09 a-b (Part Level Submission) Presented below is information for Kaila Company for the month...
Exercise 5-09 a-b (Part Level Submission) Presented below is information for Kaila Company for the month of March 2020. Cost of goods sold $215,000 Rent expense $30,000 Freight-out 7,000 Sales discounts 8,000 Insurance expense 6,000 Sales returns and allowances 13,000 Salaries and wages expense 58,000 Sales revenue 380,000 (a) Your answer is correct. Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) KAILA COMPANY Income Statement For...
A sole proprietorship had the following assets and liabilities at the beginning and end of this...
A sole proprietorship had the following assets and liabilities at the beginning and end of this year. Assets Liabilities Beginning of the year $ 109,500 $ 46,943 End of the year 163,500 66,218 Owner made no investments in the business, and no withdrawals were made during the year. Owner made no investments in the business, but withdrew $1,100 cash per month for personal use. Owner made no withdrawals during the year, but the owner did invest an additional $45,000 cash....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT