Homework answers / question archive / Strand Corp has the following information for their first month of their professional services business: Revenues $150,000, wage expense $70,000, rent expense $20,000, advertising expense $10,000, cash $15,000, accounts receivable $15,000, equipment $100,000, accounts payable $5,000, notes payable $45,000, common stock $30,000

Strand Corp has the following information for their first month of their professional services business: Revenues $150,000, wage expense $70,000, rent expense $20,000, advertising expense $10,000, cash $15,000, accounts receivable $15,000, equipment $100,000, accounts payable $5,000, notes payable $45,000, common stock $30,000

Accounting

Share With

Strand Corp has the following information for their first month of their professional services business:

Revenues $150,000, wage expense $70,000, rent expense $20,000, advertising expense $10,000, cash $15,000, accounts receivable $15,000, equipment $100,000, accounts payable $5,000, notes payable $45,000, common stock $30,000.

1) How much is Strand's Net Income?

2) What is the balance of Strand's total assets?

3) What is the balance of Strand's total liabilities?