Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

During August, 2 0 1 7 , Joe?s Supply Store generated revenues of $ 1 5 0 , 0 0 0 . The company?s expenses

During August, 2017, Joe?s Supply Store generated revenues of $150,000. The company?s expenses were as follows: cost of goods sold of $60,000 and operating expenses of $10,000. The company also had rent revenue of $2,500 and a gain on the sale of a delivery truck of $5,000. Joe?s income from operations for the month of August, 2017 is
A. $97,500.
B. $92,500.
C. $80,000.
D. $150,000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Principles Of Financial Accounting Ch 1 17

Authors: Robert Libby, Patricia Libby, Fred Phillips, Stacey Whitecotton

1st Edition

0077370457, 9780077370459

More Books

Students also viewed these Accounting questions

Question

=+a) Is this an experiment or an observational study? Explain.

Answered: 1 week ago