Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 04, 2024

The financial statements for IE company contained the following information in TL: Accounts receivable 5,000 Salaries expense 20,000 Sales revenue 75,000 Rent expense 10,000 Cash

The financial statements for IE company contained the following information in TL:

Accounts receivable 5,000 Salaries expense 20,000

Sales revenue 75,000 Rent expense 10,000

Cash 15,000 Accounts payable 3,000

What was IE's net income?

Ltfen birini sein:

a. TL65,000.

b. TL37,000.

c. TL47,000.

d. TL45,000.

e. TL52,000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

Step: 3

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

The Finance Book

Authors: Stuart Warner, Si Hussain

1st Edition

1292123648, 978-1292123646

More Books

Students also viewed these Finance questions

Question

★★★★★

(a) If Earth had a net surface charge density of 1.0 electron/m2 (A very artificial assumption), what would its potential be? (Set V = 0 at infinity.) What would be the (b) Magnitude and (c)...

Answered: 1 week ago

Question

★★★★★

4. Several exceptions to the compulsory counterclaim rule are set out in the text of Rule 13 (a) itself. In UNION PAVING CO. v. DOWNER CORP.,672276 F.2d 468, 470 (9th Cir. 1960), the court discussed...

Answered: 1 week ago

Question

★★★★★

11. How are performance reviews related to employee retention?

Answered: 1 week ago

Question

★★★★★

Babbit, Inc., a multinational corporation based in the United States, owns an 80% interest in Nakima Company, which is located in Sydney, Australia. The acquisition occurred on January 1, 2008. The...

Answered: 1 week ago

Question

★★★★★

The financial statements for IE company contained the following information in TL: Accounts receivable 5,000 Salaries expense 20,000 Sales revenue 75,000 Rent expense 10,000 Cash 15,000 Accounts...

Answered: 1 week ago

Question

★★★★★

The assumed reserve ratio is: 10 70 Macatawa Bank 1 2 3 4 Reserves $150 Securities $250 Loans $100 Other Assets $100 $100 $100 $100 $100 Deposits $400 Loans from Federal Reserve $100 $100 $100 $100...

Answered: 1 week ago

Question

★★★★★

Pharoah Company obtains $44,800 in cash by signing a 7%, 6-month, $44,800 note payable to First Bank on July 1. Pharoahs fiscal year ends on September 30. What information should be reported for the...

Answered: 1 week ago

Question

★★★★★

The company controller has set the revenue target for 2023 at $10,193,100 (or 55,700 pairs). He believes an additional marketin cost of $449,000 for advertising in 2023, with all other costs...

Answered: 1 week ago

Question

★★★★★

North American culture places a great deal of emphasis on a woman's weight in its appraisal of whether she is considered physically attractive. Some other cultures have a clear preference for more...

Answered: 1 week ago

Question

★★★★★

describe how the words we use to discuss personality disorders,( eg., narcissistic, borderline, antisocial,) shape our perception of what is considered normal or abnormal. Provide an example within...

Answered: 1 week ago

Question

★★★★★

Jason has a cat phobia, and therefore feelsanxious whenever he hears the word cat.He also feels anxious when he hears the word feline,which is an example of ____ generalization. a. secondary b....

Answered: 1 week ago

Previous Question Next Question