Asked by Jackson Willis on Jul 15, 2024
Verified
Based on this information, is Scott Industries profitable? Explain your answer.
Profitable
A financial condition where income exceeds expenses resulting in a net gain.
- Generate and interpret a statement of income.
Verified Answer
EG
Eriany GutierrezJul 18, 2024
Final Answer :
($165,000 Fees earned + $3,000 Interest revenue) − ($40,000 Salaries & wages expense + $44,000 Selling expenses + $18,000 Income taxes expense + $20,000 Rent expense) = $46,000 Net income
Scott Industries had net income for the period of $46,000. Since revenues exceeded expenses for the period, the company would be considered profitable.
Scott Industries had net income for the period of $46,000. Since revenues exceeded expenses for the period, the company would be considered profitable.
Learning Objectives
- Generate and interpret a statement of income.
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