Author Question: Donald Brennan has a financial planning business that received revenue totaling 212,000 for the ... (Read 87 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?

There are over 65,000 known species of protozoa. About 10,000 species are parasitic.

Did you know?

Hyperthyroidism leads to an increased rate of metabolism and affects about 1% of women but only 0.1% of men. For most people, this increased metabolic rate causes the thyroid gland to become enlarged (known as a goiter).

Did you know?

Medication errors are three times higher among children and infants than with adults.

Did you know?

Barbituric acid, the base material of barbiturates, was first synthesized in 1863 by Adolph von Bayer. His company later went on to synthesize aspirin for the first time, and Bayer aspirin is still a popular brand today.

Did you know?

Ether was used widely for surgeries but became less popular because of its flammability and its tendency to cause vomiting. In England, it was quickly replaced by chloroform, but this agent caused many deaths and lost popularity.

For a complete list of videos, visit our video library