Question: Pest Away Corporation was organized by three individuals on January

Pest Away Corporation was organized by three individuals on January 1, 2014, to provide insect extermination services. At the end of 2014, the following statement of earnings was prepared:
Required:
1. What was the average amount of monthly revenue?
2. What was the amount of monthly rent?
3. Explain why supplies are reported as an expense.
4. Explain why interest is reported as an expense.
5. What was the average income tax rate for Pest Away Corporation?
6. Can you determine how much cash the company had on December 31, 2014? Explain.

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  • CreatedAugust 04, 2015
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