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Presented below is selected information related to Lance Company at December 31, 2012
Presented below is selected information related to Lance Company at December 31, 2012. Lance reports financial information monthly. a. Accounts Payable $3,000 b. Salaries and Wages Expense $16,500 c. Cash $4,500 d. Notes Payable $25,000 e. Advertising Expense $6,000 f. Rent Expense $10,500 g. Service Revenue $51,500 h. Accounts Receivable $13,500 i. Equipment $29,000
Expert Solution
Computation of Total Assets:
Total Assets = Current Assets + Non-Current Assets
Here,
Current Assets = Cash + Accounts Receivables = $4500+$13500 = $18,000
Non-current Assets = Equipment = $29,000
Total Assets = $18,000+$29,000 = $47,000
Computation of Net Income:
Net Income = Total Revenue - Total Expenses
Here,
Total Revenue = Service Revenue = $51,500
Total Expenses = Salaries and Wages Expenses + Advertising Expenses + Rent Expenses = $16,500+$6,000+$10,500 = $33,000
Net Income = $51,500 - $33,000 = $18,500
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