Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during the month, the company paid $800 for advert

During the month, the company paid $800 for advertising expense, earned $9,500 service revenue on...

70.2K

Verified Solution

Question

Accounting

During the month, the company paid $800 for advertising expense, earned $9,500 service revenue on account, paid rent for the month of $1,200, borrowed $30,000 (ignore interest) from the local bank, paid $7,400 of accounts payable, received cash on account of $6,100, and paid utilities expense of $425. Overall, what is the result of these transactions on the company's monthly net income or (net loss)?

a.$7,075 net income

b.$5,775 net income

c.$2,425 net income

d.($325) net loss

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Civil Engineering
1.2K views

Using the regime-theory method, design a channel to carry wastewater from a manufacturing plant. Assume a...

Physics
1.2K views

A 1500-N uniform boom at ? = 68.0

Operations Management
1.2K views

Modern Art Question 1 This artist provided the most important model for Conceptual artists: Pablo Picasso Francis Picabia Henri Matisse Marcel Duchamp Question...

Biology
1.2K views

M 12 Breaks hydrogen bands resulting in th formation of areplication fork during the process...

Biology
1.2K views

What does the following sentence from the transcript "1980 Ronald Reagan/Jimmy Carter Presidential Debate" depict?...

Basic Math
1.2K views

Find the value of the expression below and write your answer in mixed number form....

Calculus
1.2K views

A random variable X is uniformly distributed between a 3 and b 13 as shown...

Algebra
1.2K views

The vectors x 1 1 1 x 3 1 4 span R Select one O...

Accounting
1.2K views

Two pictures are for the same exercise. a multiple step income statement and a retained...

Accounting
1.2K views

Question 17 Read the transaction and use the drop down option to fill in the...

Accounting
1.2K views

Sandhill Monograms sells stadium blankets that have monogrammed with high school and university emblems. The...

Accounting
1.2K views

Problem 10A-12 Selection of a Denominator; Overhead Analysis; Standard Cost Card [LO10-3, LO10-4] Morton Company's...