Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

BusinessCourse Return to course Question 4 Answer saved Marked out of 14.29 Rag question Computing Net Income Support Dashboard Hetarth Alkesh Patel Healy Corporation

image text in transcribed

BusinessCourse Return to course Question 4 Answer saved Marked out of 14.29 Rag question Computing Net Income Support Dashboard Hetarth Alkesh Patel Healy Corporation recorded service revenues of $140,000 in 2015, of which $98,000 were for credit and $42,000 were for cash. Moreover, of the $98,000 credit sales for 2015, it collected $28,000 cash on those receivables before year-end 2015. The company also paid $84,000 cash for 2015 wages. a. Compute the company's net income for 2015, $ 56,000 b. Suppose you discover that employees had earned an additional $14,000 in wages in 2015, but this amount had not been paid. Would 2015 net income change? If so, by how much? Select the correct answer. Yes, the net income would change if the employees had earned additional wages during 2015 but had not been paid. ONO, the net income would not change if the employees were not paid for the additional wages earned in 2015. If the net income would change, by how much would increase or decrease? (Use a negative sign with answer, if it decreases net income. If net income doesn't change enter 0 as the answer.) 50 Previous Save Answers Next 855 PM

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

12th Edition

9780073526706

Students also viewed these Accounting questions

Question

What is a process and process table?

Answered: 1 week ago

Question

What is Industrial Economics and Theory of Firm?

Answered: 1 week ago

Question

What is the meaning and definition of E-Business?

Answered: 1 week ago

Question

1.21

Answered: 1 week ago