mputing Net Income y Corporation recorded service revenues of $140,000 in 2015, of which $98,000 were for credit and $42,000 were for cash. Moreover, of the $98,000 credit sales for 5, it collected $28,000 cash on those receivables before year-end 2015. The company also paid $84,000 cash for 2015 wages. Compute the company's net income for 2015. s 56,000 Suppose you discover that employees had earned an additional $14,000 in wages in 2015, but this amount had not been paid. Would 2015 net income change? If so, by ow much? elect the correct answer Yes, the net income would change if the employees had earned additional wages during 2015 but had not been paid. ONO, the net income would not change if the employees were not paid for the additional wages earned in 2015. of the net income would change, by how much would increase or decrease? (Use a negative sign with answer, if it decreases net income. If net income doesn't change enter 0 as the answer.) 50

mputing Net Income y Corporation recorded service revenues of $140,000 in 2015, of which $98,000 were for credit and $42,000 were for cash. Moreover, of the $98,000 credit sales for 5, it collected $28,000 cash on those receivables before year-end 2015. The company also paid $84,000 cash for 2015 wages. Compute the company's net income for 2015. s 56,000 Suppose you discover that employees had earned an additional $14,000 in wages in 2015, but this amount had not been paid. Would 2015 net income change? If so, by ow much? elect the correct answer Yes, the net income would change if the employees had earned additional wages during 2015 but had not been paid. ONO, the net income would not change if the employees were not paid for the additional wages earned in 2015. of the net income would change, by how much would increase or decrease? (Use a negative sign with answer, if it decreases net income. If net income doesn't change enter 0 as the answer.) 50

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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