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Neighborhood Realty, Incorporated, has been operating for three years and is owned by three investors....

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Accounting

Neighborhood Realty, Incorporated, has been operating for three years and is owned by three investors. S. Bhojraj owns 60 percent of the total outstanding stock of 9,050 shares and is the managing executive in charge. On December 31, current year, the following financial items for the entire year were determined: commissions earned and collected in cash, $152,000, plus $16,700 uncollected; rental service fees earned and collected, $21,000; salaries expense paid, $62,440; commissions expense paid, $35,150; payroll taxes paid, $2,300; rent paid for January through November, $2,530 (not including December rent yet to be paid); utilities expense paid, $2,200; promotion and advertising paid, $7,740; income taxes paid, $22,600; and miscellaneous expenses paid, $47

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