9/8/2015

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Award: 1 out of 1.00 point

Exercise 2.9 Computing net income or net loss. LO 2-4

On December 1, Kate Holmes opened a speech and hearing clinic. During December, her firm had the
followingtransactionsinvolvingrevenueandexpenses.

Paid$3,100foradvertising.
Providedservicesfor$2,800incash.
Paid$800fortelephoneservice.
Paidsalariesof$2,600toemployees.
Providedservicesfor$3,000oncredit.
Paid$450forofficecleaningservice.

Didthefirmearnanetincomeorincuranetlossfortheperiod?Whatwastheamount?

Netloss
$
1,150

References
Worksheet

Exercise2.9
Computingnet
incomeornetloss.
LO24

LearningObjective:0204Preparean
incomestatement.

Exercise 2.9 Computing net income or net loss. LO 2-4

On December 1, Kate Holmes opened a speech and hearing clinic. During December, her firm had the
followingtransactionsinvolvingrevenueandexpenses.

Paid$3,100foradvertising.
Providedservicesfor$2,800incash.
Paid$800fortelephoneservice.
Paidsalariesof$2,600toemployees.
Providedservicesfor$3,000oncredit.
Paid$450forofficecleaningservice.

Didthefirmearnanetincomeorincuranetlossfortheperiod?Whatwastheamount?

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9/8/2015

AssignmentPrintView

Netloss

(1,150)

Explanation:

Revenue
ServiceRevenue
Expenses
AdvertisingExpense
TelephoneExpense
SalariesExpense
CleaningExpense

TotalExpenses

NetLoss

$ 3,100
800
2,600
450

$ 5,800

$ 6,950

$ (1,150)

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