Answer:
Explanation:
Before preparing the income statement, first, we have to compute the net income or net loss. So, the calculation is shown below:
In the simplest form, the net income = Total revenue - total expenses
= Fees earned - office expenses - miscellaneous expense - wages expense
= $935,665 - $215,205 - $18,715 - $449,120
= $256,625
The preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:
Answer:
$960,000
Explanation:
The computation of the net realizable value (book value) of the receivable is shown below:
= Balance of accounts receivable - the balance of allowance for uncollectible account
= $1,000,000 - $40,000
= $960,000
Simply we deduct the balance of allowance for an uncollectible account from the Balance of accounts receivable so that the correct amount can come.
All other information which is given is not relevant. Hence, ignored it
Answer:
B
Explanation:
Right on edge :))