FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help ASAP WILL RATE! Gladiator Corporation during the first year of operations, sold $12,000 of services to customers on account and sold 892.000 of

please help ASAP WILL RATE!
image text in transcribed
Gladiator Corporation during the first year of operations, sold $12,000 of services to customers on account and sold 892.000 of services for cash. The company incurred $65.400 in expenses for the year, paying $53,400 in cash for these expenses and incurring the remainder on account Based on this information, what is the amount of net Income for the year? 21.600 26.600 33.600 38.600

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

Managerial Accounting

Managerial Accounting

Authors: Stacey Whitecotton, Robert Libby, Fred Phillips

5th Edition

1264467206, 978-1264467204

More Books

Students also viewed these Accounting questions

Question

★★★★★
A firm is considering replacing a machine that has been used to make a certain kind of packaging material. The new, improved machine will cost $31,000 installed and will have an estimated economic...

Answered: 1 week ago

Question

★★★★★
=+33.14. 1 Let a and B be o-finite measures on the line. Specialize the setup of Problem 33.13 by supposing that u has density f(x) with respect to a and v. has density g,(y) with respect to B....

Answered: 1 week ago

Question

★★★★★
Which attribute most directly impacts a borrowers cost of capital?

Answered: 1 week ago

Question

★★★★★
This year Cairo Company sold 35,000 units of its only product for $16 per unit. Manufacturing and selling the product required $120,000 of fixed manufacturing costs and $180,000 of fixed selling and...

Answered: 1 week ago

Question

★★★★★
Meiger Mining, Inc, has just discovered two new mining sites for iron ore Geologists and engineers have come up with the estimates on the following page regarding costs and ore yields if the mines...

Answered: 1 week ago

Question

★★★★★
Amax Inc. has a PE ratio of 25. It is expected to earn $1.50/ share in year 1. If investors expect a return of 15% per year on the stock, what is the premium for growth on the stock?

Answered: 1 week ago

Question

★★★★★
Francois recently created his company's LinkedIn Page. According to LinkedIn, how many followers does his Page need to have to start having exponential growth?

Answered: 1 week ago

Question

★★★★★
Direct Materials Mix and Yield Variances Chypre, Inc., produces a cologne mist using a solvent mix (water and pure alcohol) and aromatic compounds (the scent base) that it sells to other companies...

Answered: 1 week ago

Question

★★★★★
Solve the following multiple choice questions 1). Hong Kong and Singapore achieved high economic growth between 1966 and 1990. Which of the following characteristics did these two countries NOT have...

Answered: 1 week ago

Question

★★★★★
a. On February 15, paid $160,000 cash to purchase GMI's 90-day short-term notes at par, which are dated February 15 and pay 10% interest (classified as held-to-maturity). b. On March 22, bought 700...

Answered: 1 week ago

Question

★★★★★
When talking to his grandmother on the phone, Riley says, "Me two year old," "Me got red hair." These statements illustrate that Riley has formed O a. a sense of agency. O b. a categorical self. Oc....

Answered: 1 week ago

Previous Question Next Question