Given are the following data for Archers Co. for 2019, its first year of operations: Revenue from professional services rendered for cash P 245,000 Revenue from professional services rendered on account 80,000 Cash collected from clients on account 45,000 Additional cash investment by Archers Co. 52,000 Expenses incurred on account 24,000 Expenses incurred for cash 70,000 Achers capital, January 1, 2019 300,000 Total assets as of December 31, 2019 500,000 Total liabilities as of December 31, 2019 230,000 How much is the net income for the year 2019?
Given are the following data for Archers Co. for 2019, its first year of operations: Revenue from professional services rendered for cash P 245,000 Revenue from professional services rendered on account 80,000 Cash collected from clients on account 45,000 Additional cash investment by Archers Co. 52,000 Expenses incurred on account 24,000 Expenses incurred for cash 70,000 Achers capital, January 1, 2019 300,000 Total assets as of December 31, 2019 500,000 Total liabilities as of December 31, 2019 230,000 How much is the net income for the year 2019?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Given are the following data for Archers Co. for 2019, its first year of operations:
Revenue from professional services rendered for cash P 245,000
Revenue from professional services rendered on account 80,000
Cash collected from clients on account 45,000
Additional cash investment by Archers Co. 52,000
Expenses incurred on account 24,000
Expenses incurred for cash 70,000
Achers capital, January 1, 2019 300,000
Total assets as of December 31, 2019 500,000
Total liabilities as of December 31, 2019 230,000
How much is the net income for the year 2019?
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