Question

Seidner Company had the following account balances at the end of the first year of​ operations: Revenues $ 102 comma 000 Salaries Expense $ 13 comma 000 Dividends $ 9 comma 000 Utilities Expense $ 13 comma 000 Advertising Expense $ 8 comma 000 Shortminusterm Investments ​$20,000 Cash $ 34 comma 000 Land ​$50,000 Common Stock ​$50,000 What is the amount of net income or net loss for the​ year?

Answer 1

The net income for Seidner Company is calculated by subtracting the total expenses from the total revenues, resulting in a net income of $68,000 for the year.

Step-by-step explanation:

Calculating Net Income

To calculate the net income for Seidner Company, you subtract the total expenses from the total revenues. The expenses include Salaries Expense, Utilities Expense, and Advertising Expense. Here is the calculation:

• 
  
• Total Revenues = $102,000
• 
  
• Total Expenses = Salaries Expense + Utilities Expense + Advertising Expense = $13,000 + $13,000 + $8,000 = $34,000
• 
  
• Net Income = Total Revenues - Total Expenses = $102,000 - $34,000 = $68,000

Therefore, the net income for the year is $68,000.

Answer 2

net income = $68000

Step-by-step explanation:

given data

Revenues = $102000

Salaries Expense = $13000

Dividends = $9000

Utilities Expense = $13000

Advertising Expense = $8000

Short minus term Investments = ​$20,000

Cash = $34 000

Land = ​$50,000

Common Stock = ​$50,000

to find out

amount of net income or net loss for the​ year

solution

we get here amount of net income that is express as

net income = revenue - salaries expense - utilities expenses - advertising expense ..................1

put here value we get

net income = $102000 - $13000 -$13000 - $8000

net income = $68000