Compu-Parts Inc
Income Statement
For Year End Ended December 31, 2015
Revenues
Commissions Earned
Fees Earned
Total Revenues
$
Task 3.
$
116,765.00
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Expenses
Car Expense
General Expense
Postage Expense
Rental Expense
Wages Expense
Total Expenses
Net Income
42,590.00
74,175.00
13,600.00
3,985.00
415.00
7,640.00
29,820.00
55,460.00
$
61,305.00
Explain, with the net income / loss obtained how this figure
would affect the capital account of the company.
Th
Answer: A net income will cause an increase in the owner’s capitol account,
which is part of owners equity. A net loss will cause a decrease in
retained earnings and stockholders' equity. A sole proprietorship's net
income will cause an increase in the owner's capital account, which is
part of owner's equity.Similarly, a net loss will cause a decrease in the
owners capitol account.
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https://www.coursehero.com/file/78927692/Compu-Parts-Inc-PDFpdf/
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https://www.coursehero.com/file/78927692/Compu-Parts-Inc-PDFpdf/
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https://www.coursehero.com/file/78927692/Compu-Parts-Inc-PDFpdf/
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