Determine net income. What are assets, liabilities, revenues, and expenses? Reve

Question

Determine net income. What are assets, liabilities, revenues, and expenses? Revenues from adminissions to dances $1,200,000 Utilities expense $150,000 Fees incurred to hire bands $300,000 Building owned by Zeman $300,000 Notes Payable due in 2 years $300,000 Advertising expense $145,000 Office Supplies $10,000 Instrument Rental expense $50,000 Office Equipment $200,000 Salaries Expense $250,000 Accounts Payable $25,000 Salaries Payable $50,000 Cash $275,000
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Source:ISBN: 0077475623 | Title: Introduction to Accounting: An Integrated Approach | Publisher: McGraw-Hill Higher Education

Explanation / Answer

Revenue from admissions $1,200,000 Expenses: Utilities $150,000 Band Fees $300,000 Advertising $145,000 Instrument Rental $50,000 Salaries $250,000 Total Expenses (150,000 + 300,000 + 145,000 + 50,000 + 250,000) = $895,000 Net Income (1,200,000 - 895,000) = $305,000 This is the correct answer. please rate A+. :)

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