Author Question: Donald Brennan has a financial planning business that received revenue totaling 212,000 for the ... (Read 86 times)

mcmcdaniel

  • Hero Member
  • *****
  • Posts: 550
Donald Brennan has a financial planning business that received revenue totaling 212,000 for the year. His operating expenses were as follows: 99,600 for salaries; 4,980 for payroll taxes; 10,200 for office rent; 1,500 for depreciation of equipment; 12,500 for supplies; 5,040 for utilities; 2,544 for miscellaneous expenses; 6,850 for automobile expense; and 575 for equipment repair expense. Compute the total operating expenses and net profit before taxes for Donald Brennan's office for the year.

Question 2

Dr. Diana Brentwood, an optometrist, received revenue (professional fees) totaling 238,000 for the year ending December 31, 20- -. Her operating expenses were as follows: 74,800 for salaries; 1,230 for payroll taxes; 21,000 for office rent; 3,500 for depreciation of equipment; 15,000 for supplies; 4,840 for utilities; 1,750 for miscellaneous expenses; 2,100 for automobile expense; and 1,200 for equipment repair expense. Compute the total operating expenses and net profit before taxes for Dr. Brentwood's office for the year.



Joc

  • Sr. Member
  • ****
  • Posts: 317
Answer to Question 1

operating expenses: 143,789; net profit: 68,211
operating expenses = 99,600 + 4,980 + 10,200 + 1,500 + 12,500 + 5,040 + 2,544 + 6,850 + 575 = 143,789
net profit = 212,000 - 143,789 = 68,211

Answer to Question 2

operating expenses: 125,420; net profit: 112,580
operating expenses = 74,800 + 1,230 + 21,000 + 3,500 + 15,000 + 4,840 + 1,750 + 2,100 + 1,200 = 125,420
net profit = 238,000 - 125,420 = 112,580



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question


 

Did you know?

Asthma occurs in one in 11 children and in one in 12 adults. African Americans and Latinos have a higher risk for developing asthma than other groups.

Did you know?

HIV testing reach is still limited. An estimated 40% of people with HIV (more than 14 million) remain undiagnosed and do not know their infection status.

Did you know?

Side effects from substance abuse include nausea, dehydration, reduced productivitiy, and dependence. Though these effects usually worsen over time, the constant need for the substance often overcomes rational thinking.

Did you know?

Blastomycosis is often misdiagnosed, resulting in tragic outcomes. It is caused by a fungus living in moist soil, in wooded areas of the United States and Canada. If inhaled, the fungus can cause mild breathing problems that may worsen and cause serious illness and even death.

Did you know?

Vital signs (blood pressure, temperature, pulse rate, respiration rate) should be taken before any drug administration. Patients should be informed not to use tobacco or caffeine at least 30 minutes before their appointment.

For a complete list of videos, visit our video library