acc chapter 1 notes

acc chapter 1 notes - 6. 119,000 + 1000= 120000 40000...

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6. 119,000 + 1000= 120000 – 40000 – 38000-600= $ 41, 400 7. Revenues: Rental and other income $741 Cost of Sales $52567 Net Sales $68520 Total Revenues $121828 Expenses: Operating and administrative expenses $12910 Interest Costs $241 Total Costs and Expenses $ 13151 Pretax Income $108677 Provision for Income Taxes $ 1207 Net Income $107470 8. Revenues: Commissions earned $166000 Rental Service Fees $20000 Total Revenues $186000 Expenses: Salaries $62000 Commission Expense $35000 Payroll Tax Expense $2500 Rent Expense $2200 Utilities $1600 Promotion Expense $8000 Miscellaneous $500 Dividends $12000 Total Expenses $1238000 Pretax Income $74200 Income Tax Expense $ 18500 Net Income $55700
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10. Clay Corporation Income Statement For the Month of January 2006 Total Revenues $150000 Less: Total Expenses (excluding income tax) $100000 Pretax Income $50000 Less: Income Tax Expense $15000 Net Income $35000 Clay Corporation Balance Sheet At January 31, 2006 Assets Cash $20000 Receivables from Customers
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acc chapter 1 notes - 6. 119,000 + 1000= 120000 40000...

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